Cash-strapped youngsters ask mum and dad to fund holidays

According to new statistics released by travel agents body ABTA, more and more young people are turning to the ‘bank of mum and dad’ in order to afford holidays. Although they are statistically the age group that has the most holidays, the 16 to 24 age group can’t seem to get away enough. Paying for it is another matter, however, and many of them are borrowing money from their parents to fund their lifestyle.

The younger age bracket aren’t fussy about who they go away with either, it seems. They are more likely to go on a family holiday, with 66% of them enjoying this kind of trip, although ABTA thinks that this may be to do with their cash strapped position too.

Overall, the number of holidays taken was down on last year, with only the ‘baby boomers’ deciding to get away more than in the previous twelve months. However, despite not always being able to pay for their own holidays, young people also seem to think they would spend more next year, with around a third saying they expected this to be the case. Where they are going to continue to find the funds is not so clear.

ABTA's Victoria Bacon says: “With a tough jobs market and more young people living at home for longer, it is perhaps not surprising that we are seeing younger people going away with their families.”

Having parents who can help out with rent, house deposits and holidays is becoming increasingly important as many young people are finding themselves priced out of markets and in need of financial support.

Don’t forget if you are going away, even if you are borrowing money to do so, you need to make sure you have got travel insurance before you go. This could be essential should anything happen while you are away. It’s never a good idea to skimp on this part of a holiday.

Date Created: 23 October 2013

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