Parents pay £995m towards gap years

Study reveals how much parents are paying towards gap years

Taking a gap year is a life changing, world rocking experience like no other. Here at we genuinely can't think of a better way to get some life experience and discover the world, but there's one little massive problem; gap years can be pretty darn pricey.

It comes as no surprise that many parents help their children out financially when they take their gap year, but it's surprising to find out that in the UK alone parents are collectively spending around £995 million every year according to the Daily Mail

Almost a fifth of gap year travellers are fully or partly funded by their parents who help out by an average of £763 and one in 10 parents pay up to £5,000.

Should parents be forking out for their children's gap years?

Parents mostly help to pay for accommodation which costs £2,500 on average. Round the world flights are the second most common thing that parents pay for. What's more, only 3% of parents actually expect to get the money back.

While some people believe these figures are outrageous and a gap year should be a self-sufficient voyage of discovery, others see it as the best gift you could possibly give a person.

The study also found that the average trip costs between £3,000 and £4,000 – a useful stat for those of you wondering how much money most people need for a trip.

What do you think? Should people be paying for their own gap year or is it great if their parents help out? Head over to the message boards to chat about it.

If you're saving for your gap year, here are some great tips on how to save money for your travels and then how to manage your money once you're on the road.