Holidaymakers are failing to budget effectively for milestone trips, according to one travel insurance provider.

 

People who are considering booking holidays to Thailand to mark a special occasion have been warned to make sure they budget for all the costs the trip will entail.

New research released by travel insurance provider PJ Hayman has revealed that many people underestimate the cost of big holidays by as much as £1,500.

According to the company, gap year travellers are most likely to fall short, with 53 per cent of respondents estimating that such a trip will cost between £501 and £2,500.

However, GapAdvice.org revealed that the actual cost of this kind of trip is typically between £3,000 and £4,000.

Other tourists that fall into the trap are couples planning their honeymoons. Shortfalls in estimates among this group went up to £1,200, with 30 per cent of those surveyed anticipating spending less than £1,000 per person on a romantic getaway.

Earlier this month, Rachel Southwood, director of Wedding Ideas Magazine, predicted that newlyweds will increasingly opt to take a short break after the wedding in order to save money, rather than going on a proper holiday.

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