An increasing number of twenty-somethings in the UK are tapping into the ‘bank of mum and dad’ when it comes to holidays as well as buying a home too.
2016 will see a significant rise in the number of parents paying to take their offspring on holiday with them, according to travel agents.
Many of these children are saddled with debt from their time at university and are struggling to get onto the housing ladder.
Their parents on the other hand are benefitting from relaxed pension rules, making it easier to withdraw large sums earlier.
Almost three-quarters of parents are planning on spending some of their pension lump sum on expensive holidays for themselves and their children, according to research by travel group Souk Response.
“The top end of the market is very comfortable with the empty-nesters – the traditional affluent, double-income couples who are either pre- or post-children, but the picture is becoming more complicated,” says Huw Williams, director of Souk Response.
“There is now a squeezed generation which is more than happy to go away with their parents. A large number of parents were caught up with guilt because their children can’t afford the holidays that they can,” Williams added.
Travel firms have named the phenomenon ‘genervacation’.
Separate research by UK travel association Abta revealed that nearly a quarter of Brits did not manage to take a single holiday in the last year.
Just under half of the less well-off – including low earners, the unemployed and those on state pension – went away on holiday in 2015.
That figure is down from 81% who managed it four years ago.
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