Britons are scrapping travel insurance during the downturn, according to American Express.
Nearly half (48 percent) of Britons are planning on cutting back on important financial products such as travel insurance.
One quarter (24 percent) intend to cut corners when it comes to saving on travel expenses, while 30 percent of Brits intend to stop paying payment protection insurance.
The survey comes as research by the Association of British Travel Agents (Abta) reveals that Brits are set to embark on holidays to more obscure travel destinations this Valentine’s Day.
Abta’s Casia Zajac said: "It’s not surprising that cities such as Budapest and Antwerp are proving popular as we keep a tighter grip on the purse strings."
However, Chris Rolland, head of American Express Insurance Services, warned against cutting back on insurance when travelling abroad.
He said: "This may well be a false economy as people could end up paying out much more than they bargained for if something should happen."
Skyscanner recently recommended ten cities that would be ideal for a Valentine’s Day break – but that promise not to break the bank in the process.
Tourists are urged to jet off on cheap flights to Amsterdam in The Netherlands, Ljubljana in Slovenia and Helsinki in Finland for a sure-fire romantic break.
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