Parents are bailing out gap year travelling kids to the tune of £772

Apr 23 2011 by Cameron Hay, Paisley Daily Express

THE bank of mum and dad is bailing out kids who are travelling the world.

Nearly a third of youngsters have to borrow money from their parents to make ends meet while abroad.

New figures suggest one in five run out of money within the first three months, turning to their folks for an average of £772.

The research by Post Office Travel Insurance revealed that 29 per cent of those on gap years turn to mum and dad for financial help while away.

Gap year travellers also help fund their trips using credit cards, overdrafts, bank loans and student loans.

Nine per cent resort to finding work while away due to lack of funds and 43 per cent of those who work while abroad admit to not having a working visa, despite this being a legal requirement.

Rachel Croft, Head of Post Office Travel Insurance said: “These findings show that people don’t always take adequate steps when preparing for such a big trip away and as a result often end up in financial trouble.

“Doing your research in advance can really help with budgeting and mean you can enjoy your holiday with peace of mind.

When it comes to travel insurance, just 25 per cent purchased a specific gap year insurance policy with six per cent not taking out any insurance at all.

The Post Office spokeswoman added: “It’s worrying that so few gap year holidaymakers take out adequate insurance.

“It’s one thing to ask parents to loan you a few hundred pounds, but asking them to fork out for your medical expenses or flight home if you are ill can potentially run into thousands.”

For more information about Post Office Travel Insurance call: 0800 294 6158 or visit www.postoffice.co.uk