Britons spend £34bn on their jollies

UK travellers spend a collective £34.4 billion on their annual holidays, it has been revealed.

But British holidaymakers don't just splash out on the flights; they also spend a lot while on their holiday to the tune of £23.3 billion, according to Alliance & Leicester.

Countries where people spend the most per visit include Australia, New Zealand and Central and South America; however European destinations tend to see the most expenditure by British travellers per person per day, the statistics reveal.

In fact in Iceland, where the average length of visit is six days, a person spends on average £118 per day.

The results suggest that it might be better value all round to go on a long-haul Caribbean holiday, or a Goa holiday.

Richard Al-Dabbagh, A&L's personal loan manager said that instead of shelving plans for going on holiday, people should take out a loan so they can go on a holiday they never forget.

"Holidays are meant to be a time of enjoyment but often the cost of going abroad, especially for a family, can be quite substantial.

"Rather than worry about how to finance a holiday…British holidaymakers can opt for a personal loan that allows them the convenience of paying in manageable monthly repayments."

People in the UK love their holidays so much that they spend more time planning their next trip than looking for the best mortgage, according to Fool.co.uk.