Capital One UK has estimated the average amount of vouchers for cancelled events is £508, but this rises to a huge £1,606 for holidays.

More than a quarter (26%) of the 38.5 million people who have had at least one holiday, event or experience cancelled because of Covid have received a voucher or refund credit note (RCN).

But Capital One found 32% of people with vouchers were not sure when they expired, while 11% did not know if there was even an expiry date.

Holidaymakers face missing out the most by not using their vouchers or RCNs, with more than two-thirds of trips (68%) booked before the first lockdown in spring 2020 being cancelled and a further 27% of trips postponed.

UK holidays were also badly affected with 48% cancelled and another 38% postponed.

Katy Lomax, chief experience officer at Capital One UK, said: “The past 18 months have seen millions miss out on experiences and events all around the world. Due to this, many people will undoubtedly have forgotten about the refunds they’re owed or credit notes that are outstanding.  

“The sums of money people have lost are not small – £508 is a lot of money and not something many will be able to shrug off.

“It is so important people check the small print on any vouchers received as many will have expiry dates which might mean missing out on rebooking or being able to use the money at a later date.”