As the summer holiday season heats up, new research has revealed people plan to take around £836 million more in spending money – or £34 per holidaymaker – than this time last year…

The reason for this is to offset the fall in Sterling’s value against popular holiday currencies.

The pound is currently worth around three per cent less against the Euro than it was a year ago, and one per cent less against the US Dollar.

The sum of the top five currencies bought from Sainsbury’s Bank Travel Money (who carried out the research) in the first five months of this year was 26 per cent higher than the same period in 2016.

To help their money go further on holiday, the findings indicate  nine per cent of people have specifically chosen all-inclusive vacations this summer, and six per cent have booked self-catering breaks for this reason.

Nearly one in 20 people (four per cent) say they will go on fewer excursions whilst on holiday abroad, and three per cent have decided to take their summer break in the UK this year.

In total, just over one in five (22 per cent) plan to make one or more changes to their summer holidays to ensure they get the most out of their money.

Sainsbury’s Bank Travel Money’s findings reveal 21 per cent of people claim they have bought on average £455 of foreign currency at an airport travel money bureau over the past 12 months, despite offering some of the least competitive rates.

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