Secured loans 'may be blown on holidays'
19/08/2008People may be spending the money they receive in secured loans to go on holiday.
New research from Abbey Savings has found that one in four Britons believes a trip away is the best way to spend excess cash.
It stated that 62 per cent of Britons pay for holidays using savings, with the group estimating that this adds up to £81 billion spent by adults in this manner each year.
According to Reza Attar-Zadeh, director of savings and investments at Abbey, putting this money away instead may be a more sensible idea.
He said: "This would make a real difference to their financial wellbeing. With savings rates at excellent levels, there has never been a better time to save for the future."
This comes as M&S Money has stated that there has been a 53 per cent year-on-year increase in Turkish lira sales in 2008, as more people head to the country for a holiday.
 © Adfero Ltd
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