The idea of grabbing leaving your worries on the doorstep and heading to a sunnier clime this summer many Brits are prepared to forgo. Millions can ill afford a holiday in the midst of so much financial insecurity – wages rock bottom, price of living going up and bills forever on the rise.

And even when you are abroad, the prices in most other European countries have taken a hike. In France for example, the average cost of a meal for two has risen from under £40 to over £60.

'It's clear that a tough economic climate is causing consumers to pull-off a very difficult balancing act - cutting down on debt while dealing with rising prices - so it's not surprising that the summer holiday is often being sacrificed,' said ING Direct's Richard Doe.

Still, one place you can still can still buy cheap is crisis-hit Greece. There a cup of coffee or a beer has actually gone down in price from 2007.

The US is not a bad option either. Maria Whiteman, of Directline Holidays, said: 'With 1.6 dollars to the pound, holiday spending money will stretch a lot further in the US, helping savvy holidaymakers achieve more bang for their buck in resort, and combined with some exceptional pricing, Florida is currently a great choice for a family holiday.

'In addition, many hotels across Greece have discounted their prices to counter negative sentiment around recent civil unrest on the mainland and reinvigorate interest in the country.'