The trusty travellers’ cheque could be dying a death amongst British holidaymakers, a new study has revealed.
Just one in 12 have used them in the past year and most people now prefer cash or cards.
The survey examined the financial habits and preferences of Britons abroad; questioning more than 1800 UK adults who had been to foreign parts in the last 12 months.
Asked what kind of money they took away with them the majority (78 per cent) said hard cash with 56 per cent choosing debit or credit cards and 34 per cent taking pre-paid cards.
Of the eight per cent who said traveller’s cheques, three quarters (75 per cent) saw them as a more ‘secure’ option whilst 13 per cent said they ‘didn’t like’ carrying cash while travelling.
Of those who carried currency, only 18 per cent claimed to have shopped around for the best exchange rates before changing their British pounds.
More than a quarter (26 per cent) claimed to be aware that they hadn’t got the best rate but went ahead with the transaction anyway.
Asked if they had ever lost or had money stolen whilst they were abroad, 64 per cent said ‘yes’. And more than half of those admitted they did not have the correct insurance in place to replace the cash.
Almost two thirds (60 per cent) of those who took cash with them on their last holiday admitted that they had run out of before the end of their stay. In contrast, just 14 per cent of those with travellers’ cheques had done the same.
Mark Pearson, Chairman of MyVoucherCodes.co.uk who commissioned the survey, said: ‘It seems travellers’ cheques aren’t as popular as they once may have been – probably because of the other options now available which seem somewhat easier, such as a prepaid card.
‘Britons still seem to favour cash when it comes to travelling abroad, but it seems this does nothing for successful budgeting, as the majority of those taking cash with them last year ended up overspending.
‘Whatever method you choose, just make sure you’re protected against loss or theft of money.
‘Holidays don’t come cheap, and you don’t want them to cost more than they have to.’