The over 55’s are spending more on travelling than their younger counterparts, research reveals, showing that the “grey gap year” really does exist.
Data from 2015 reveals that:
- the over-55s spend £5,419 a year on foreign holidays compared with £3,187 among the 35 to 54 age group;
- a quarter of all over-55s are seriously considering a 12-month break to travel.
And despite the economic troubles of the past few years, the over-55s are in better financial shape than ever, with a disposable income up by 5.1% since the downturn, according to figures from the Office for National Statistics.
This, coupled with the new pensions freedoms, where small pension pots can be cashed in once you hit 55, points to more mature gap year travellers.
Steve Bradley, MD at property insurance provider UKinsuranceNET agrees that now is the time of the grey gap year, saying: “Since the introduction of pension freedoms, we have started to receive lots of enquiries from customers who want to insure their home whilst they go on a 4 or 6 month holiday - probably to spend their pension monies on life experiences they couldn't afford when they were younger.
“With this in mind, we have launched a special unoccupied property insurance for long stay holidays. This product is ideal for anyone whose home is going to be empty for several months while they go off on their travels, whether they are taking an over 55’s gap year or are one of the many retired people who spend winters abroad.”
Find out more about unoccupied property insurance for long stay travellers here.