The rise of the grey gapper

You might think gap years are just for students, but it seems many working Brits are choosing to take a year out later in life, according to new research by Halifax Unsecured Personal Loans

The Halifax research found that almost half (49%) of 55-64 years would like to take time out to travel and over half (58%) of 16-24 years old would be prepared to wait until later life to do this. Even in the current economic climate, over half (59%) of 55-64 year olds wouldn’t be put off taking a trip of a life time.

But a whole year out is beyond the reach of many. The research shows that more Brits are choosing shorter trips to the beat the travelling bug and ensure they don’t spend more money and time than actually needed. Time is precious for 12% of Brits who would prefer to travel for only three to six months, whilst just over one in ten of us (11%) would prefer to be away for six months or more.

And it’s not just time that Brits have to take into consideration, there is also the expense to deal with. Taking time out to travel can be costly with the average 18-25 year old spending up to £4,000 on their travels. One in five (20%) Brits travelling for only three months expect to spend £2,000 whilst one in five (20%) travelling up to six months expect to spend £3,000.

The research shows that the average grey gapper (aged between 55 and 64) expects to spend £2,604.20 taking time out, however 18% would be willing to spend over £5,000. And when it comes to paying for the trip of the life time, 23% of Brits would use unsecured borrowing such as credit cards, loans and overdrafts to cover their costs, while 22% of people aged 55-64 would consider working whilst travelling to ensure they can cover the costs of their dream trip.

Russell Galley, Director of Loans at Halifax said:

“A mature gap year is a wonderful opportunity to experience different ways of life and see other parts of the world. But such a big adventure requires careful financial planning.”

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