Smaller Holiday Cash Reserves In Finland

Nordea (Finland) This year one in three Finnish households plans to travel abroad on holiday. On average, households expect to spend 1,410 euros on their summer holidays, which is slightly less than in 2007. Last summer Finns estimated to spend 1,450 euros on their holidays. This information is derived from a Nordic survey commissioned by Nordea.

This year the summer holiday budget will decrease by 6 per cent, given the change in consumer prices.

The majority of Finnish households believe that the costs remain unchanged compared to last year. Those households that intend to spend more money than in 2007 cite their improved financial situation as the reason for this, whereas weakening of the financial situation is the reason in the case of households that plan to spend less than in the previous year. Norwegians are the biggest holiday spenders, whereas Swedes spend the least. Danes have tightened their holiday budget the most, as they are struggling with the unstable housing market.

- The financial situation of households and consumers' confidence in the development of their finances most notably influence holiday plans. It now seems that their aspirations are no higher than last year, says Tarja Svartström, Nordea's Private Economist. Chidlren's summer activities are costly for parents Nearly 60 per cent of households with children aged 7 - 12 years organise paid summer activities for the children in the form of camps, for example. The average cost of activities for 7 -12 year-olds is 147 euros per child. The children in this age group also receive 40 euros on average as pocket money from their parents for the summer.

- The children also participate in holiday planning. Although the parents plan the timing and the budget, one in four households confirms that the children take part in choosing a travel destination, says Tarja Svartström.

Finns most environment-friendly compared to the other Scandinavians The survey mapped out households' willingness to pay extra for their holiday trip to better take environmental aspects into account. The Finns are the most in favour of this of all Nordic people. Six out of ten Finns would be willing to pay more, 5 to 6 per cent on average, for their holiday trip.

- The result of the survey is very positive, although this illustrates willingness rather than direct action. If every household paid that 70 euros for their holidays to safeguard the environment, it would mean a handsome contribution to environmental protection, says Tarja Svartström.

Over 4,000 households were interviewed for a survey Nordea commissioned from Synovate in the four Nordic countries.

For further information: Tarja Svartström, Private Economist, tel +358 40 826 2006

Nordea (Finland)

http://www.nordea.com

ISIN: FI0009902530

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