If you are jetting off for some half term fun, Compare the Market has flagged some common mistakes which can lead to unnecessary overspending.

Its research has revealed that 28 per cent of holidaymakers changed pounds for local currency at the airport, including 51 per cent of people aged 16 to 24 but only 12 per centre of those aged over 55.

It also showed that 22 per cent withdrew money from a cashpoint or bank while on their last holiday abroad and were charged a fee for it and 20 per cent used multiple credit cards to pay for a holiday abroad.

Guy Anker, of Compare the Market, said: “The big no-no is buying currency at the airport as rates are expensive as you’re a captive audience. If you need cash before you go away, instead do a search online for the cheapest currency provider at the time."