Research from travel insurance company, LV=, has revealed a huge decline in the number of people taking lengthy sabbaticals and gap years overseas, as financial worries kick in.
The research found that people planning on taking a gap year. Or sabbatical were now only taking a 5 week break, mainly because they couldn’t afford to go for any longer.
With 2.75 million Britons due to take an extended break this year, either as a long holiday, to volunteer or simply for a career break over 20% revealed they had cut short their plans because of financial concerns.
The biggest worry, particularly amongst the younger travellers, was being able to secure a job upon their return, with one in seven negotiating a short career break with their employers so they have something to return too.
Interestingly, the housing boom has left one generation able to afford a good break, with 1.6 million over 50s upping sticks and taking an extended break in the last 5 years.
27% of people revealed that they were heading to Thailand or India because their money goes a lot further their, 33% opted to stay with friends and families to save money and 11% were not even flying and choosing to take a longer coach or train trip to save money.
Managing Director of the travel insurance firm John O’Roarke said, “The findings show that with financial concerns at the forefront of Brits’ minds, long periods of overseas travel to far-flung destinations are no longer a feasible option for many people. However even for shorter breaks, planning the practicalities of a trip is essential, especially if you are hoping to cram multiple activities into a tight timescale. Prospective ‘snappers’ should make sure they’re protected with the right travel insurance to ensure their big adventure remains a trip to remember for the right reasons.”