A recent study reveals that nearly a third (31%) of Brits face financial difficulties. With the cost of living crisis ongoing, 40% of UK residents are scaling back their spending on holidays this year, and nearly half (48%) are cutting back on the number of holidays they take, or skipping their break altogether.

Despite these financial challenges, a surprising 23% of Brits aren’t taking advantage of discounts or promotions. The online savings website MyVoucherCodes analysed their internal data and found that those who did use online discounts for holidays collectively saved almost £100,000.

Savings experts for the discount site urge travellers who still want to bag themselves a holiday to make use of promotional codes to snag their last-minute travel deals.

Among those planning to spend less on holidays, only 29% had used an online promotional code in the last 6 months. This means that the majority of holidaymakers looking to tighten their travel budgets could be missing out on significant savings.

In 2023, a staggering 86.2 million UK residents travelled abroad. If every traveller had used online vouchers and discount codes, they could have bagged a total saving of £3.66 billion. Yet, the actual savings made were less than 1% of the potential amount.

Of the discount methods used, brand promotional deals and discount cards were the most popular, with 48% and 30% of consumers using them both online or offline, respectively. These methods also influence travel plans as well.

61% of those looking to increase the number of holidays they take this year used discount cards and over half (59%) took advantage of promotional deals. This shows the benefits of being savvy with your spending, opening up more travel opportunities.

Sarah-Jane Outten, savings expert at MyVoucherCodes, said: “Nobody should have to miss out on a holiday because of the current financial climate. Considering so many are looking to either reduce the cost of their holidays or forgo their holiday altogether, it’s shocking that more people don’t take advantage of the free and easily accessible discounts available. These savings could make a huge difference to someone’s travel plans and can even open opportunities to snag last-minute travel deals.

“As well as checking for discount codes, there are plenty more ways to save money on travel. For instance, compare the cost of flights and accommodation using online price tracking tools such as Google Flights and Trivago. Set these tools to alert you when prices drop so you can book at the best time.

“Having the flexibility to fly from a different airport can sometimes mean securing cheaper fares, and don’t forget to sign up for flash deals and exclusive offers. If you can, travelling during off-peak months often makes a huge difference to the cost of your holiday.

“Doing a bit of research before your trip can uncover many hidden gems to allow you to have a fun-filled holiday without breaking the bank.”

For more simple ways to save on travel, head to MyVoucherCodes.