Flashing the cash: research shows physical currency is still a travel essential

Travellers take more than £300 away with them on average – while only 14% rely on cards alone

New research from Go.Compare travel insurance has found that travellers still rely on good old cash in hand, with 86% of people taking physical currency abroad with them.*

The data shows that on average, holiday-makers who opt for the cash option take £304 away with them on their holidays. Nearly a fifth (19%) of jet-setters admitted to taking more than £500 on their trip, with a further 11% taking between £451 and £500.

On the other end of the scale, only 14% of people avoided cash altogether – saying they instead used a debit, credit or prepaid card. And young travellers are the most likely to ditch the dough, with 18% choosing cards over cash.

The same research also looked into the top reasons people make a claim on their travel insurance policies, and found that nearly a fifth of claimants (23%) had suffered from a theft or a loss of their belongings and had to claim the money back.

Rhys Jones, Go.Compare travel insurance spokesperson, said: “It’s clear from our research that the British public still rely on cold hard cash when it comes to travel expenses, with many taking a significant amount of spending money abroad.

“And our latest research shows theft and loss of belongings is a top reason people claim on their policies, so if you’re taking cash on holiday with you, we recommend thinking about travel insurance. After all, it can really sting to have your wallet stolen, and replacing important belongings like jewellery and gadgets is an unexpected cost none of us need.

“Many travel insurance policies will include cover for cash if it were to get lost or stolen, and will also often include travellers’ cheques or traditional bank cheques. However, there will be maximum limits on the amount of cash that will be covered, so taking a few minutes to browse the options available – and make sure you have the right cover for you – could save you stress and unexpected bills – and help make sure there’s nothing to put a damper on your holiday spirit.”

For more information about travel insurance, visit: https://www.gocompare.com/travel-insurance/