Questor Insurance News


Parents funding holidays for the ‘boomerang generation’

An increasing number of Brits are going on holiday with their parents as they are finding it harder to afford their own trip. As the financial crisis continues to grip the younger generation, more and more of us are turning to the bank of mum and dad for our holiday funds.

This trend has been given the nickname the ‘Boomerang Generation’ because the younger generation are going to back to things they thought they had outgrown. As many as one in ten 18 to 34 year olds will be going away with their folks this summer.

A massive 34 per cent of young professionals say that even if they are not going away with their parents they will be borrowing money from them to fund their own trip. With the average price of a holiday coming in at just under a thousand pounds, it’s just as well.

Accommodation and flights cost £280 and £219 respectively and make up the bulk of any holiday cost. Then you have meals and drinks, which come in at £167 and £124. It can be a costly business to go on holiday and the younger generation are finding it increasingly difficult to find the cash to fund it.

Duncan Jennings of VoucherCodes.co.uk, who commissioned the study into Boomerang Holidays, said: “Our research shows the phenomenon of the boomerang generation isn’t just limited to adults living at home with their parents. Boomerang holiday takers are relying on their parents to pay for every aspect on the holiday, from flights to food, meaning the costs quickly mount up”.

So, either you look for a cheap holiday and travel insurance and go on your own or you start asking for a holiday for Christmas from your folks. As much as we try to move away from them when we reach adulthood, it seems like more of us are destined to be staying a little closer to the nest than we would like.

Date Created: 11 July 2013

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