British tourists waste £350 MILLION a year on holiday... because they don't have the maths to cope with currency conversions
- Confused Britons are unintentionally wasting an average of £127 each
- More than a quarter of those polled make mistakes when they convert
- Designer clothing topping the list of the most costly mistakes, said study
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British holidaymakers are losing nearly £350million a year because they are unable to wrap their brains around basic currency conversions, research has revealed.
Confused Britons are unintentionally wasting an average of £127 each – the cost of a return budget flight to some destinations – when they travel abroad and try to put their maths skills to work, the study found.
More than half (52 per cent) try to keep track of how much they spend by converting the foreign currency into pounds, but over a quarter (28 per cent) make mistakes.
Confused Britons are wasting an average of £127 each as they struggle with basic currency conversions
With a combined loss of £341.5million per year, holidaymakers bought items they thought were overpriced (45 per cent) or items they wouldn’t have otherwise chosen (36 per cent).
One of the alarming findings in the study conducted by Barclaycard was one in four British tourists run out of cash abroad due to a currency miscalculation, with designer clothing topping the list of the most costly mistakes.
Of those who make a mistake, just under half admitted to panicking while trying to make a quick decision, while four in 10 fail to remember the correct exchange rate in the first place.
A quarter of 2,006 of those polled admitted to making a mistake after drinking too much alcohol.
After designer clothing, the main culprits for overspending abroad are local delicacies, gifts and souvenirs.
Designer clothing topping the list of the most costly mistakes made by Britons, according to the study
Britons are making mistakes despite their best efforts to get it right.
More than three quarters do their research and make sure they get the most competitive exchange rate before travelling, and more than half barter for a bargain while shopping abroad.
Katherine Whitton, chief marketing officer for Barclaycard, said: ‘
Many people do try to stick to a budget when on holiday, but things don’t always go to plan. ‘Currency conversions you do quickly in your head can often lead to a big headache later. ‘It's all too easy to spend more than you intended on a designer deal or shiny souvenir.’
Read more: http://www.dailymail.co.uk/travel/travel_news/article-3135828/British-tourists-waste-350-MILLION-year-holiday-don-t-maths-cope-currency-conversions.html#ixzz3e0N0cTpy
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