Almost a fifth of Brits (19%) surveyed never make any budgeting decisions ahead of their holiday, while 14% of Brits just make a budget for transport to and from the destination (e.g. plane or train tickets) and 10% decide on a budget for accommodation.

And while young people often receive flack for economising poorly, the survey – by travel site momondo –  found only 10% of 18-22 year-olds don’t make a budget, compared to a sizeable 30% of adults aged 56-65.

To be able to afford a vacation, 43% of Brits stated they set money aside regularly to be spent on a holiday. And 10% sell some of their things, 14% pay in instalments and 13% save up by making regular contributions to a fund shared with friends or family.

Again, the 18-22 year-olds come out as most responsible with 19% and 23% respectively taking an extra job or saving in a fund shared with friends and family, in order to afford their travels.

In terms of what Brits prefer to save money on while on holiday, 27% stated they like to save on plane tickets.

A further 26% choose to make savings on accommodation, 14% on transfers to the destination, 24% save money on evenings out and 23% choose cheaper options for meals and snacks during the holiday.

Though it seems that a fifth of the population don’t penny pinch at all. A total of 20% of Brits questioned don’t worry about how expensive or inexpensive their holiday will be.

Money-saving flight tips

Book your trip 53 days in advance to get the cheapest tickets – and you can achieve average savings of 26%.

Tickets are generally most expensive on the day of departure.

Evening departures between the hours of 6pm and 12am typically offer the cheapest fares.

It is usually more expensive to fly in the morning and midday, before 3pm.

A Tuesday is generally the cheapest day to fly.

Saturday is routinely the most expensive day of the week to fly