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More people are realising that now is the time to cut down and save all the money that they can – and that is being reflected in summer holiday choices.

Some 19.8 million Britons, 63% of all those planning a summer break, intend to holiday in the UK this summer as the recession bites into people's holiday plans, according to new research from Sainsbury's.

And unsurprisingly, One in five of these people says they are going to holiday at home specifically because of financial concerns. People are coming round to the realisaition that spending out on luxurious foreign holidays will only exacerbate their debt problems.

Holidaymakers have many other cost-cutting measures up their sleeves though, including booking cheaper accommodation, taking less spending money on holiday this summer, or even leaving their partner or children at home while they go away because they can't afford to take them.

The findings also show that 8% of people intend to go on less holidays this summer because of money troubles, and 19% of people say they won't be going on holiday at all because of financial difficulties.

If you are planning a cheap holiday this year to battle the spending bug, it might be a good time to assess where you could make other cuts. It might be tough, but saving more and spending less is the only way to get out of debt and build a better financial future. Talk to an adviser about making your money and your assets work as hard as you do over the next year.

SOURCE: Sainsbury's, 27/07/09

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