The Diamond Jubilee weekend - celebrating 60 years of the Queen's reign - is quickly approaching, and the thought of having an extra-long weekend has already got many people thinking about how they'll spend it.
Whether it's getting away for a few days, socialising with friends & family, braving the weather for a BBQ or 'getting into the patriotic spirit' with a street party, those of us lucky enough not to be working are spoilt for choice when it comes to the Jubilee Bank Holiday festivities.
So, how exactly are people planning to celebrate the Jubilee - and with much of the nation sticking to carefully planned budgets, how are people planning to cover the cost?
Here at thinkmoney, we wanted to find some answers to these questions, so with the help of Opinium Research, we carried out a survey looking at people's plans for the Jubilee weekend - and here are some of the results and analysis.
If you would like to see our official press release of the results, you can download the document from our media centre page.
How are people celebrating the Jubilee?
Almost 7.5 million UK adults are planning to travel over the upcoming Jubilee Bank Holiday weekend.
Around 2.5 million people plan to go abroad between 2-5 June and 5 million plan on holidaying within the UK.
Of those people planning to go away within the UK, many traditional Bank Holiday pastimes appear to be a popular choice: more than 2 million (40%) are planning day trips or activities, 1.5 million (30%) are expecting to visit relatives and nearly 1.3 million people (25%) are expecting to spend some time with friends.
The research also revealed that 19% are planning some 'extra socialising', such as holding out for some decent weather over the four-day weekend and hoping to have a BBQ.
How much are people planning to spend over the Jubilee?
But in these financially squeezed times, when many of us are covering our costs on tight budgets, how are people planning to afford the expense of the Jubilee festivities? Of those people not working over the Bank Holiday, 11 million expect to spend more money than they usually would over a typical Saturday-Tuesday.
Although plenty of Britons (36% of people planning to spend more) said they have enough money to cover the extra expense without worrying, it appears that some people aren't as financially confident about making ends meet. Almost a quarter (23%, or over 2.5 million) said they don't yet know how they'll cover the cost, and 14% said they'd use their credit card to cover their outgoings.
While borrowing some cash can be handy for some people, taking on debt is always something of a risk - and it's important to ask yourself how you'd pay back everything you owe. With this in mind, it's worth considering alternative ways of enjoying the Jubilee without putting your financial security at risk - so you can have all the fun without any of the money worries.
How could you cut the cost of the Jubilee?
If you're looking to celebrate the Jubilee, but you don't want to break the bank, there are various approaches you could take to lower the overall spend:
- If you're having a BBQ or street party, ask your guests to provide an item of food or drink in return for your hospitality.
- If you're planning to travel in the UK, why not share fuel costs with your fellow travellers and/or share accommodation costs between you?
- If you're looking to travel abroad, consider a last-minute package deal or cheaper self-catering accommodation.
- If you're planning some day trips, consider visiting free attractions, such as local parks, museums, galleries or even a day out at the seaside.
However you choose to spend the Jubilee, you can get more advice on how to cut your bank holiday costs here.