Gap Year Travelling Costs Rising

Posted in: Money Management in spike's Blog

As the school year reaches its end lots of young people will be making plans for their gap year before heading on to work or university.

And according to one travel industry commentator, such backpackers appear to be becoming more and more choosey in their choice of destinations and activities. While such a development might improve the quality of their experience, it is perhaps inevitable that it also raises the cost of the exercise. Meantime, those intent on making the most of theirgap year could consider a personal loan as a means of boosting funds to make the trip a truly memorable one

Tom Hall, travel editor at Lonely Planet, commented: "People are recognising the value of saving up a little bit more before they go and one of the old adages of going on a big trip is: 'The more money that you have, the better time that you'll have'"

He also said that whilst previously travellers have had the luxury of a trip going on for more than a year, allowing for funds to be rebuilt by working in Australia or elsewhere, nowadays there is increased pressure for them to finish their journeys to get on with university or start working.

The increased pressure on finances is driven by the urge to get the best out of the experience, Mr Hall stated. "On the whole people are much more interested in the actual experiences while they're away and are prepared to pay for them," he observed. " If you go all the way to New Zealand you are going to want to do that bungee jump or skydive and you're not going to want to come home and say: 'I didn't do that.' I think that in the past people have been more willing to say: 'That's a little bit out of my price range'."

Those determined to head off to faraway shores but not sure of their financial situation might like to consider taking advantage of personal loan as a means of providing a safety net should they discover money is running low.

Mr Hall added that while gap year travelling was undoubtedly tied up with exploring a destination, a successful trip increasingly depended upon experiences as well, some of which could be more costly than others. His comments follow a new piece of research by travel insurance company which established that the average gap year trip could cost almost 4,000 pounds.

Those who do choose to take out a cheap loan to fund such a trip could also be pleased to hear Mr Hall's comments on where the money is directed. He claims that while such backpackers have a reputation for scrimping and saving, they are actually instrumental in putting cash 'directly into the hands of local operators', meaning that the savings or loans they spend during their trips support international tourism at a grass roots level.

It is not just young people who can get the best out of the flexibility being offered by a personal loan, however. While older people might not all be jetting off across the planet, many are exploring the information superhighway using the latest gadgets. A report published last month by Rias established that slightly less than a third of all internet users are aged 50 or more.

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