Gap year travellers should plan finances better

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A new survey from PJ Hayman travel insurance has revealed that young people heading off on their gap years are not budgeting properly for their trips, which could leave many of them with large credit card bills to pay on their return.

1,000 people were polled in the survey, which discovered that 53% of those questioned said that £501 to £2,500 was enough for a gap year. However, PJ Hayman says that the average gap year costs between £3,000 and £4,000, according to figures from GapAdvice.org.

This means that many travellers are in for a shock when they get back and find themselves in debt, or worse, when they run out of money whilst they are abroad and have to rely on handouts from their parents.

Peter Hayman, the director of the travel insurance firm, warned travellers that if they are making a budget and were keen to keep the costs down, insurance should remain an essential part of their plan. He said that insurance leads to “peace of mind” and “can enable a more enjoyable experience”.

People planning their gap year may be surprised to learn of the true costs involved. However, the costs could rise significantly if the correct insurance is not taken out. Medical care abroad can cost thousands of pounds, so it makes good financial sense to take out insurance.

A gap year can be a great thing to do and can provide a fantastic learning experience, but it has to be done well. Careful financial planning is essential if it is to be a success, and remember never to overlook travel insurance.


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