Over 55s take more gap years than students

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Newly retired take more gap years than studentsGetty

If you thought gap years were just for students, then think again. The over-55s are far now far more likely to take years out than school leavers, according to a new survey.

Yes, cash-rich 'grey gappers' are finding a whole new lease of life once they reach retirement, with more and more of them jetting off on exciting adventures to far flung and exotic places.

According to the survey, carried out by Post Office Travel Insurance, a quarter of over-55s are now planning to take a gap year within the next two years. This compares with just 19 percent of students.

The top destinations for adventures are Australia and New Zealand followed by the US, Singapore, and Spain.

With university fees set to treble next year, school leavers are scrambling for university places this year - so gap years have become less appealing for the younger generation.

In contrast, some of those taking early retirement will often withdraw a quarter of their pension fund as tax-free cash now so they have the resources to enjoy the trip of a lifetime.

The survey found that the older generation will spend more on their trips too - on average a total of £4,136, the equivalent of £54.03 a day. This compares with the under-35s who spend just £3,100, the equivalent of £30.10 a day.

There has also been an increase in the number of families hoping to take their children on a trip of a lifetime. Two in five of those surveyed said they wanted to take their family on a period of extended travel.

Want to know how to make your money stretch on your next holiday? Click on the image below!

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