Two-fifths of adults (42%) planning holidays this year will be taking a trip with their parents, as rising living costs squeeze families’ travel budgets, a survey has found.
Over 50% of holidaymakers aged 35 to 44 are planning a trip with their parents, and one in 14 – 7% – are planning a trip with their grandparents.
The survey also looked into people’s travel expenses, the amount people were willing to spend even during the cost of living squeeze and who they would be travelling with.
The poll revealed more than a quarter – 27% – of parents who are going away with their grown-up children said they are paying for some or all of their travel expenses to help them out during the cost of living crisis.
The findings came in a survey commissioned by Starling Bank and looked at more than 2,000 people across the UK in March.
So, how much do families plan to spend on average?
According to the research, families plan to spend an average of £2,671 on holidays this year, with Spain, Italy and France being the most popular destinations.
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Which places in the UK will be spending the most on family holidays?
People in the South East of England will spend the most, with an average cost of £3,051, they survey found.
This is followed by families in Yorkshire and the Humber, who are most likely to have a UK getaway with an average spend of £2,148 on their trip.
And last but not least, households based in Wales will spend the least on their holidays with an average spend of £1,865.
The findings also showed that nearly three in ten adults – 28% – plan to check their spending while on holiday, but nearly a fifth – 18% – said they normally blow their budget.
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Helen Bierton, chief banking officer at Starling Bank, said: “Holidays are becoming a priority again and the recent wet weather will have many people dreaming of sunnier climes.
“But family trips can be expensive, especially when paying for other people, so making sure you are smart with your spending can help balance the holiday budget.”
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Ms Bierton also offered some tips on how to stick to budgets when on holiday, including saving as much as possible in advance to avoid using credit cards or going into overdrafts, keeping track of spending on banking apps and checking currency conversion rates.
