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Holidaymakers `cutting back on holidays to stay out of debt`

Almost four in ten (38%) of British citizens are trying to spend less money on their holidays, according to a report from insolvency trade body R3.

Of these, more than half (56%) have decided to stay in the UK in order to save money.

R3 Vice-President Frances Coulson said: "The current trend for staycations has been around for a few years, but the research highlights that the staycation`s popularity has grown as a result of necessity, rather than choice. Quite simply, many people can no longer afford to spend as much on their holidays as before."

A debt expert at the IVA Advisory Centre commented: "It`s common for holidaymakers to get into debt in order to fund their holiday, but in the current economic climate it seems people are more inclined to avoid this.

"Although we all enjoy a holiday, it`s important to remember that it is a luxury, and at a time like this many people consider financial security much more important."