Gap Year Costs Soar to £4000
Writes Dan Drage dan.drage@consumerchoices.co.uk
For those students intending to take a year out, a robust financial plan is needed.
Research commissioned by the Fair Investment Company, an independent online financial portal, suggests gap years are increasing in price.
The average gap year now costs just over £4000, whereas the majority of students only intend to spend between £1000 and £3000, which could suggest why gap year travelers are finding themselves worried about debt before they have even left for university.
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"Some current accounts and credit cards also give you free travel insurance, so check your account small-print"
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NatWest (www.natwest.com) estimated that 93,813 students took a gap year in 2006, that's 24% of the student population. However, as gap year students become more adventurous and keen to travel further afield, to Australia, the Middle East and South America to name but a few, the cost is also creeping up.
Fairinvestment.co.uk spokesperson, Rachael Stiles, had the following to say:
“Money can be a real worry when planning a gap year, as flights, accommodation and living costs soon add up. Try and save as much as you possibly can before you go away, preferably in a high interest savings account. However, if you are short of your target it is possible to survive on very little and still have fun”
She continues:
“If anything, food, drink and accommodation is generally cheaper in gap travel destinations so your money will go further with a bit of strict budgeting. Prepaid credit cards are worth considering; you can either keep one loaded as a last resort or keep your entire budget on it without the worry of spending more than you have available.”
Chris Eagle, Commercial Manager at CreditChoices.co.uk, can help you reduce the cost of travel insurance:
“Travel insurance can be surprisingly good value, from around £15 for a two week European holiday. In fact, it’s even possible that you’re already insured without knowing it. Some current accounts and credit cards also give you free travel insurance, so check your account small-print”
He continues:
“For more information, investigate the travel money section at CreditChoices.co.uk”
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