Older travellers are increasingly leading the way when it comes to gap years, according to new research from Charter Savings Bank.
The specialist bank has found that 40% of workers were planning to have a gap year when they are 60-plus and will fund the trip with savings built up through a lifetime of work.
Meanwhile, just 18% were planning gap years by the time they were 30.
The research found that 49% of over-45s had never taken a gap year or an extended break from work, but intended to take their chance to travel once they were in their 60s or retired.
Source: Charter Savings Bank, September 2017
Charter Savings Bank found that 63% would take money from their savings accounts to fund the trip, with just 7% using credit cards.
“Many of us think about gap years being the preserve of backpacking students, but increasingly we're seeing that older customers are catching the travelling bug,” said Paul Whitlock, director of savings at Charter Savings Bank.
“It's worth remembering that once-in-a-lifetime opportunities can happen at any time of life, and while globe-trotting in your 60s might seem like a long time to wait, it does have the advantage of travelling in a little more luxury and not having to run up debts to fund it.
“It definitely highlights that a savings habit does pay off, even if the amount you're able to put aside today seems too small to make a difference.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Monese urges holidaymakers to shop around for their bank to save money abroad
Brits travelling abroad have been encouraged to save money by shopping around for bank accounts...
Tandem introduces healthy balance feature
Digital bank Tandem has announced the launch of a new healthy balance notification feature on its banking app...
The Access Bank UK joins Bacs
The Access Bank UK has been announced as the latest brand to join Bacs Payment Schemes Limited (Bacs)...
Nearly 75,000 SMEs supported through BBB programmes
The British Business Bank (BBB) has reported that the total stock of finance provided through its programmes in the last financial year rose by 33% to £12.25bn...
Close Brothers’ banking division reports 6.6% loan book growth
Close Brothers Group PLC has revealed that its banking division has seen a 6.6% growth in its loan book in the 11 months to 30th June 2018...
Leeds introduces two-year fixed rate BTL product
Leeds Building Society has launched a two-year fixed rate buy-to-let (BTL) mortgage product as part of a wider refresh of its 70% LTV BTL range...
Just 20% of Brits would opt for a challenger bank
Only 20% of UK residents would opt for a challenger bank if they were opening a new account today, according to research from Equifax...
Santander to form digital investment banking team
Banco Santander has announced that a new digital investment banking team will be formed within Santander Corporate & Investment Banking...
Metro Bank introduces developer portal
Metro Bank has launched a new developer portal for FCA-registered third parties wishing to build services on top of its APIs...
Wesleyan Bank appoints new head
Wesleyan Bank has appointed David Brownbill (pictured above) as its new head of indirect sales...
Arbuthnot announces profit surge
Arbuthnot Banking Group has reported a half-yearly profit before tax of £3.5m for the six months to 30th June 2018, up from the £2.5m recorded during the same period last year...