Recent research by Rias (an insurance provider for the over 50’s) has has revealed that jet set over 50’s spend over 2 billion pound a year more on holidays than young adults in the UK.
What an absolutely HUGE difference!
I am not however unduly surprised. Having a young family myself I despair at how expensive holidays are and how on earth we are mean to have the disposable cash to afford them!
According to the Rias research
Parents over the age of 50 seem to be experiencing both the freedom and the financial benefits of their children flying the nest. Over half (57 per cent) have more disposable income now that their children have grown up and left the family home.
Most of my disposable income goes on activities/luxuries for the kids and I can truly imagine when they are making their own way in life we will be a bit better off.
Apparently despite being generally more thrifty the over 50s are also the most likely to be carefree with their cash when they head overseas.
Nearly 20% of those who had been abroad in the last 2 years used their credit cards whilst abroad leaving themselves open to large fees!I have some spending tips for them…
Spending tips abroad
Take some money! Don’t be afraid of real cash we carry it about a t home and its just the same.
A few credit cards do not charge a fee for foreign purchases or currency transactions, wheras you can expect a 3% fee form other cards. Do shop around and check!
Some banks has a partner in your destination country where you can withdraw cash and avoid ATM fees this is also worth checking before you go on holiday. Every little helps after all.