Residents in Leeds are foregoing summer holidays due to the cost of living crisis - Mark Fleet

22 per cent reported that they had had to cancel their holiday plans as a result of their financial position, while 37 per cent said they will be forced to cut back on their usual holiday spend.

When pressed on the reasons for their current financial predicament and negative outlook, the rising price of energy bills was reported as the main concern among residents, with 85 per cent saying they were worried about the cost. 62 per cent reported worrying about food costs, while more than a quarter are worried about the price of fuel and rising mortgage/rent costs.

Although just 27 per cent of locals say they are currently planning on holidaying abroad this summer, the availability of low-cost, last-minute deals may present people who are able to leave booking a break until late in the day with an opportunity to get away despite their financial situation.

So what advice is there for anyone looking to take advantage of an affordable last-minute vacation?

First of all, you need to keep an eye on any websites offering last-minute deals. There are plenty to choose from.

You should also sign up for flash sale alerts from travel websites, which alert you to limited time-only deals as soon as they become available. To stay in the know without having to constantly check their homepage, sign up to its email list and follow it on social media to find out about offers before everyone else.

It may also be worth using price comparison sites to find the best prices on hotels. These sites allow you to filter results to only show hotels that offer free cancellation and, following recent issues with airport e-gate malfunctions, IT glitches leading to axed flights and the threat of summer travel disruption caused by strike action, this is a useful option that will prevent you from ending up out of pocket.

With the British holiday market still recovering from the pandemic, there are bargains to be had for those willing to partake in a 'staycation' too, with self-catering holidays in the UK representing particularly good value for money. And for anyone who can't afford to take a whole week's holiday in one go because of childcare responsibilities, there's always the option to take a 'break day' every few weeks and head for a change of scenery closer to home for 24 hours at a time instead.

If you do decide to book a last minute holiday this summer, remember to purchase travel insurance that includes cancellation cover as soon as your travel has been booked. This should ensure that you'll at least be due a refund if your flights get cancelled.

And be sure to only use companies that are Air Travel Organisers' Licensing (ATOL) members as this will ensure you are covered if your chosen travel firm falls into financial difficulties.

Mark Fleet is CEO of Leeds Credit Union.