‘Bank of mum and dad’ is funding students’ travels

Students are increasingly turning to the “bank of mum and dad” to fund their gap year travel.

Nearly half of 17 to 25-year-olds look to their parents for more money if they run out during trips, a survey by currency company Moneycorp found.

And 9 per cent of these young travellers are lucky enough to have their entire trip paid for by their parents.

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The poll also found that gap year travellers tended to think they would need between £2,000 and £3,000 for their trips.

Some were not saving enough before they went and only a third planned to work during their travels. Rupert Bedell, of Moneycorp, said: “There is a worrying trend that gap year travellers are only too happy to shoot off on their adventures but don’t plan properly and will happily turn to their parents if they run out of money.

“Globe-trotting does not come cheap so budgeting, security and making your money work hard are key to a memorable experience.”

The UK-based organisation Projects Abroad said Brazil had become the most popular destination for British professionals volunteering to work overseas.

Projects Abroad managing director Peter Slowe said: “Brazil, unlike China, is a democracy, which is much more attractive to investors and volunteers alike.”

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