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British holidaymakers have wasted £817 million by money dumping, Halifax Travel Insurance has revealed.

The insurer has coined the phrase to describe the way left over currency is disposed of at the end of a holiday.

Halifax estimates that £4 billion has been spent on unplanned airport purchases over the last five years, £817 million of which was spent on purchases simply to use up leftover currency.

The average holidaymaker has dumped £48 in the past half decade, the study claims.

When you take into account all the unplanned purchases bought with currency, credit cards and travellers cheques, the average holiday traveller "wastes" £36 a year, according to Halifax.

"Annual travel insurance policies are now available from as little as £24, less than the £36 frittered away in airports by holidaymakers," said Vicky Emmott, senior underwriter at Halifax Travel Insurance.

She continued: "With over half of British adults admitting to travelling without travel insurance it appears millions of holidaymakers are throwing away money that could have been invested in insurance to protect them during their trip, choosing instead to buy perfume, alcohol, food and souvenirs."

Gender also plays a role in money dumping – men tend to dump an average of 65 per cent more than women at airports.

© Adfero Ltd

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