Caxton FX has found that British holiday makers waste over £100million by not reusing their loose change once they return from an international trip.
In a survey commissioned by the currency card provider, Caxton FX found that 71.9% of people bring back loose change after their holiday; with nearly 25% of all respondents bringing back between £11 and £20.
Shockingly, 21.1% of respondents were clueless as to how much cash they would bring back after a trip, and women in particular are more likely to be unsure of how much they spent.
The data highlights the amount of wasted currency that is sitting dormant in British homes around the country.
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To put that into perspective, over £100million is wasted, that is enough to buy over 87,000 Rolex watches or nearly 250,000 pairs of Christian Louboutin shoes. For the amount wasted on unused currency you could purchase the largest yacht built in the UK and still have over £8million left over or even stay in the Royal Suite within The Ritz for 82 years.*
James Hickman, managing director of Caxton FX said “Our survey showed that 52.4% of the British public take an international holiday each year. Of this population, 15.7% do not reuse their loose change, if people knew how much unused currency they have sitting in their homes which could be spent in future trips they would realise they could get a lot more for their money.
Using a currency card, such as Caxton FX, allows travellers to budget accordingly and reuse and spare change on their next trip. “Currency cards differ from debit or credit cards, as there are no fees for making international transactions. Travellers can load their holiday funds onto their card enabling to them to budget accordingly and travel with large amounts safely and securely.”
The survey also found a generational gap in the approach to reusing currency. It seems that youth travellers (aged between 16 and 24) are the least likely to reuse their loose change on their next holiday compared to the significantly more frugal 55+ group which saw 87.8% claim they save their cash for their next trip.