Britons are failing to spend prudently when they head off on holiday, despite the economic pressures they face, it has been suggested.

Findings from FairFX.com show 69 per cent of people believe every penny counts when it comes to buying foreign currency, although many do not put this theory into practice.

Stephen Heath, chief executive of FairFX.com, commented: "Will 2009 be the year that travellers wake up to the savings they can make by using a pre-paid card for all their holiday spending?

"Two-thirds of people might say every penny counts but then don’t actually ensure they have the right tools to make it happen"

The statistics show that just nine per cent of people use a price comparison site to check they are getting the best deal with their currency, while 16 per cent fail to do anything at all and opt to use the cards already in their wallets.

Over half of those questioned (58 per cent) said they look for a supplier which charges zero per cent commission on exchanges.

According to a press release from Which? Money, the cheapest currency provider on average for US dollars and euros was Eurochange – it charged £351 for $500 and £461 for €500.