Despite the credit crunch, many are still determined to go on holiday this year and turn the financial crisis into a croissant.

A study by a travel insurance company revealed that nearly 28% of all the adult population intend to book a holiday between Christmas and the end of February 2009.

Those planning a vacation, which is thought to be around 13 million people intend to spend an average £881.83 each or collectively £8.5 billion.

However, insurance companies are concerned that holidaymakers will not purchase the most efficient travel insurance policy.

The survey found that a quarter of the people asked, said they planned to buy their insurance cover via their travel agent or the company selling the holiday.

Sam Marrs, travel insurance manager said he was thrilled that Brits were still going away: “It's really encouraging to see that people are still planning to get away despite the credit crunch, which just shows the importance of a holiday to the British public.”

However, Marrs harboured concerns about travel cover policies:"When booking a break though, it’s imperative that people don’t see travel insurance as merely an add-on – they need to ensure that they have comprehensive cover so that if the worst does happen, they will be looked after properly and not out of pocket.”