Achieving savings goals, such as a planned vacation, can be most easily accomplished through the regular and conscious collection and setting aside of small or large amounts, CIB says.

According to the survey, one-third of adults planning a vacation expect to spend less than HUF 100,000 per person, 26% plan to spend between HUF 100,000 and 200,000, while 15% anticipate a budget between HUF 200,000 and 300,000. A further 9% expect to spend somewhere between HUF 300,000 and 400,000. The proportion of those who plan to spend more than HUF 400,000 per person is 8%, meaning that half of the respondents expect their per-person vacation budget to fall between HUF 100,000 and 400,000.

Majority Uses Both Card and Cash for Payments

“The survey results show that during vacations, most people use a combination of card and cash payments (59% of those planning to travel said this). The proportion of those who only use cash is 17%, while only 9% pay exclusively by card. However, most Hungarians who use mixed payment methods prefer card payments when possible; 26 percent of respondents expressed this preference,” highlighted Norbert Vasas, head of the Premium and Private Banking Segment at CIB Bank.

The research also indicates that men are somewhat more generous with their planned spending: 31% of men plan a budget below HUF 100,000 compared to 37% of women. In the HUF 100,000 to 200,000 range, 23% of men are planning to spend, compared to 28% of women. Additionally, 18% of men plan to spend between HUF 200,000 and 300,000, compared to 11% of women, while 5% of men and 3% of women plan to spend between HUF 400,000 and 500,000. Some 6% of men are ready to spend over HUF 600,000 on their summer vacation.

Four-fifths of those planning a vacation save up to be able to travel, with 38% saving continuously for this purpose. For those looking to cover the costs of their vacation through savings, CIB Bank offers several options, from the #withSAVE or “Piggy Bank” account for setting aside small daily amounts, to the Tandem Savings, which is also available in euros, CIB notes.