Britain’s current financial meltdown is, in fact, giving rise to new thoughts in the country as people seek means to escape from the crisis. At the peak of the credit crunch last year there were fears that many people would scale down on travelling in order to save on costs. Many, it was also thought, would be forced to think of saving more money as a fallback in the face of increasing threats of job losses. Travelling on holidays was, therefore, considered the least of all worries.

Borrowing to fund trips

But events before the Christmas showed otherwise as scores of families still found it convenient, in a way, to head off on holidays to top or choice destinations. Credit card debts, like other unsecured credit facilities, suddenly became the target.

According to a research finding, many of those that the accumulated debt on credit cards had either spent on holidays, including air fares, or borrowed to foot household bills.

Earlier, just as the credit crunch was becoming an issue, it was revealed that many people, especially the over 65s, were planning to get away on holidays. And among the reasons was the desire to get away from chilling cold, for a change, to some warmer or sunnier parts of the world. Also, many participants revealed their readiness to explore exotic destinations or just go on a spending spree as the pound sterling dominated, in strength, the US dollars.

The above and other similar reasons immensely influenced travellers’ choice to even embark on long-haul short holidays, crossing to the other side of the Atlantic just to spend a couple of days.

This was to vex environmental activists who thought long-haul trips should either be avoided, reduced or, at best, be an option only on very essential grounds. But it was never the case. And many travellers simply continued to travel and, often, many had neither travel insurance nor any sort of cover sufficient for their specific needs. Warnings from insurance experts and the Foreign and Commonwealth Office continued to fall on deaf ears.

Necessary precuations

Perhaps our love for holidays had been underestimated by analysts who thought the credit crunch, despite all the damage it caused (and still causes), would act as a check.

Time and again have we proven them wrong as we continue to travel unhindered, as a new study from the Sainsbury’s travel insurance confirmed.

Nearly 13 million people from the country, according to the study, said they would be seeking a break from the gloomy prospects of the downturn as they travel on holiday.

To translate this desire into reality they would book a holiday before the end of next month.

While nearly 1.5 million would be looking to spend over £2,000 each, the other intending holidaymakers have on mind an average budget of £881.83. London, perhaps to due to its ever hustling and bustling nature, had more people on its list badly wanting a break this New Year. It topped with 35 per cent just as Wales trailed far behind with only 12 per cent.

The real issue, even as travelling on holidays as not a bad idea, is whether people are careful enough to take precautions against eventualities or not. Eventualities in this sense vary from the source(s) of one’s holiday funds to taking out an ideal insurance cover.

While each holidaymaker would know best where to source funds for their trip, the issue of travel insurance raises a lot of concerns. Recent tragic events like the Mumbai bombings are enough to fire us into buying comprehensive travel policies as we cannot overemphasise their importance. And speaking to a specialist is not a bad way to take off, at least.