- Most say they look forward to multigenerational vacations the most
- Half of people said they had easy access to money to pay for these trips.
- Fay Howard says she has seen the benefits these trips bring to her family
Every year, more and more parents shell out thousands of pounds to take their adult children on holiday, and three in ten of them plan to continue doing so, research claims.
More than two in five parents say they pay for their adult children to go on holiday with them each year, according to data from Kent Reliance.
Of this group, 60 percent say they are most looking forward to these trips.
While it’s a great way to spend time with the family, parents spend an average of £2,423 on one of these trips, with 57 per cent paying for meals out, 42 per cent paying for groceries and 33 per cent funding activities, all together with flights and accommodation.
Multigenerational: Fay Howard says taking her children and grandchildren on vacation allows her family to build stronger relationships
Even with the considerable cost involved, almost a third of UK adults have been on multi-generational holidays in the last three years, and a further 20 per cent plan to do so in the next three years.
Louise Halliwell, group savings director at Kent Reliance, said: “Spending time with family is one of life’s greatest pleasures and it’s wonderful to see how many people enjoy being together, whether in the UK or abroad.” .
“For parents of adult children, spending quality time comes at a financial cost, but many tell us they are happy to endure it.”
For Fay Howard, multigenerational vacations not only allow her to connect with her children and grandchildren each year, but they are also the main way she and her parents spend time with her sister, who lives in the United States.
Fay, who has three adult children and four grandchildren, now goes out with her children every year and has done so for the past four years.
She also spends long weekends with her sister and parents when her sister visits from the United States.
She said: ‘Getting my children, their partners and their children together is great. I’ve also seen the benefits this brings to my family, as cousins get to spend that time together and build relationships that they can’t do when they just see each other (for a day).
“I think it’s nice for the little ones to see their cousins and have a lot of adult attention and stuff, and I think it’s nice for my kids to get to know their siblings’ kids.
“My son doesn’t have children, but he likes to play with the little ones and get completely tired.”
He added: ‘At night, when the little ones are asleep, just sitting and chatting is fantastic. It’s very valuable.
“I love seeing them all together.”
Later this month, Fay will visit Wales with her children and their families.
‘I’m sure my children will take me on holidays in the future, but it’s good to have income to help them at the moment.
“When you have young families, you just don’t have money,” Fay said.
‘We have that money and we have seen the benefits ourselves. So we’ll be more than happy to pay.”
For 62 percent of respondents, spending quality time together was the most common motivation for going on a multigenerational vacation, while just under half said they saw it as an opportunity to create cherished memories.
Despite this, a multi-generational vacation every year could be too expensive for many people.
Only 48 percent of parents said they had easy access to the money they needed to finance their last multigenerational vacation, and 37 percent reported that they had saved in advance to pay for multigenerational vacations.
Halliwell said: “While many respondents were lucky enough to have savings to fund their holiday, for others it is a matter of saving over time to ensure they can make the most of the time they have together.”
‘Whether saving for a short or long period, a small amount or a larger amount, I always recommend people shop around and make sure they get a good interest rate on their savings as it can make a real difference.
“By setting a clear, manageable savings goal, people could earn the equivalent of a meal or activity while they’re away.”
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