...By Henry George for TDPel Media.
Rising living costs have squeezed families’ travel budgets, forcing them to consider taking trips with their parents, according to a survey commissioned by Starling Bank.
The poll found that 42% of adults planning holidays this year will be going on trips with their parents, while 7% will be travelling with their grandparents.
Among holidaymakers aged 35 to 44, 58% are planning breaks with their parents.
The survey also revealed that over a quarter (27%) of parents travelling with their grown-up children are paying some or all of their offspring’s travel expenses due to the cost-of-living crisis.
The survey, which questioned more than 2,000 people across the UK in March, found that families plan to spend an average of £2,671 on holidays this year, with Spain, France and Italy among the popular destinations.
The research also showed that families living in the South East of England will be spending the most on family holidays this year, at an average cost of £3,051, while those in Wales will be spending the least, with a proposed average spend of £1,865.
Nearly three in 10 (28%) of those surveyed plan to regularly check their spending while away, while nearly a fifth (18%) said they usually exceed their holiday budget.
Starling Bank’s Chief Banking Officer, Helen Bierton, offered tips to stick to a holiday budget, including setting a budget beforehand, saving in advance, and checking currency conversion rates and fees when spending overseas.
The survey’s findings reflect the ongoing impact of the COVID-19 pandemic on the travel industry and the wider economy.
As families face financial pressure, they are having to consider alternative ways to afford a holiday.
By travelling with relatives, they can save money on accommodation and transportation costs.
However, it is worth noting that travelling with family members may come with its own set of challenges and may not always result in a stress-free holiday.