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It is likely that people will be looking to cut the cost of their travel insurance this year and many are looking for other ways to reduce their holiday spending too.

Research from the Association of Investment Companies (AIC) discovered that 22 per cent of the general public have already decided that they will not be going on holiday this year.

A further 38 per cent admitted they will not be jetting off for as many breaks as usual while six per cent are reconsidering where to take their break.

Annabel Brodie-Smith, communications director at the AIC said, "It's clear from this research that holiday plans are no longer immune from the public's economy drive."

However, she also revealed that "for some fortunate people their holiday remains sacred, with just under a third of the public not altering their plans".

As another way to save money, many Brits are now choosing to holiday in the UK, according to research from LV=.

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