Holidaymakers Financially Unprepared To Tackle Flight Cancellation Fears
Image by Rudy and Peter Skitterians from Pixabay
Research by tax refund experts, RIFT Tax Refunds, has revealed that the travel meltdown feared to continue for holidaymakers this summer holiday season could leave many out of pocket and out of options, as they fail to cover themselves for the worst case scenario of a flight cancellation.
The survey commissioned by RIFT Tax Refunds found that with foreign travel back on the menu, 47% of the UK public have plans for a post-pandemic holiday this year.
But with widespread airport chaos turning foreign travel on its head in recent weeks, it’s no surprise that 46% are also worried that their flight may be delayed or cancelled.
“Holidays can be a big financial commitment, particularly for those now struggling more than ever due to the increasing cost of living within the UK.
In this worst case scenario, 47% stated that they would, at least, be covered by their travel insurance. However, 12% stated they wouldn’t and, perhaps worryingly, 42% stated they don’t actually have travel insurance.
The good news is that the majority of us should have enough to comfortably cover the cost of our holiday if all goes to plan.
RIFT Tax Refunds found that just a quarter (26%) of those surveyed only save what they need for their holiday, while 55% save a little extra for worst case scenarios and a further 19% save considerably more to cover any unexpected costs.
The bad news? Despite this savvy attitude to saving for their holidays, it would still not be enough to overcome a flight cancellation.
In fact, 65% stated that, should their flight be cancelled at short notice, they would be unable to afford to book new flights or find alternative travel while waiting to be reimbursed by their travel insurer.
Need some help saving for your holiday? RIFT Tax Refunds have you covered with advice and guidance on how to save for a holiday. You can find it at https://www.riftrefunds.co.uk/advice/guides/money-saving-tips-for-holidays/
CEO of RIFT Tax Refunds, Bradley Post, commented:
“Holidays can be a big financial commitment, particularly for those now struggling more than ever due to the increasing cost of living within the UK. So it can be heartbreaking when your plans to head away are scuppered at the last minute through no fault of your own, especially when this causes you to lose money.
While many of us do save more than we may need in anticipation of heading away, it’s especially important to do so at present, with widespread cancellations continuing to cause travel chaos.
Although you may be covered by your insurance, this refund is likely to take some time to materialise, so having a substantial financial back up plan is the best way to ensure you can make those last minute arrangements in order to get away.”
Survey of 1,113 UK population commissioned by ProperPR on behalf of RIFT Tax Refunds via consumer research platform, FindOutNow (06/06/2022).
Data tables can be viewed here