By Lois Avery
Millions of people are taking gap years or sabbaticals in a bid to dodge the economic downturn.
New research from Santander Credit Cards reveals that the number of people taking time out from work and education has risen to 4 million between the years 2000 and 2010 up from270,000 in the 1970s. And a quarter of these lifestyle breaks have taken place since the recession began in 2008.
Although half a million say they have fled the UK because of the job market, travel is till cited as the number one reason for heading overseas.
Traditionally, the average time taken off was between six and 24 months, however the duration of these breaks look set to reduce with 66 per cent of travellers taking less than a year.
Ian Coles, director at Santander Cards, has urged travellers to take care of their finances before they jet off. He also recommends taking a credit card offering fee-free foreign usage anywhere in the world: “Taking a break from work or education is becoming an increasingly appealing option for many Britons, as the job market becomes increasingly competitive and the demand for university places continues to soar.
“It's a great opportunity to travel and to learn but unfortunately it doesn't come cheap. With lifestyle breaks costing around £5,000 - £6,000 on average, it's important that people weigh up the costs and the benefits, financially and otherwise.”
The trend for taking extended holidays also means travellers should make sure they have adequate travel insurance to cover their trip. This can range from worldwide travel insurance to cover around the world trips with multiple stops or specialist backpacker insurance.
Homeowners planning to take time out should also contact their home insurance provider to make sure they’re covered for any incidents while they’re away, especially if it’s for more than 30 days. To find out more about this read our article: ‘How keys can invalidate your home insurance policy.’
