Cost of living: 42% of adults are planning to take summer trips with parents to cut spending

9th May 2023

More than two-fifths of adults in Britain (42%) are planning holidays this year with their parents, as the cost of living crisis continues to impact families.

A survey from Starling Bank has found that the rising costs faced by millions are altering the way people will be looking to travel this summer.

The results found that over 50% of Brits aged 35 to 44 are planning a holiday with their parents, and a further 7% are planning a trip with their grandparents.

Analysis of the data revealed that 27% of parents who are going away with their grown-up children said they are paying for some or all of their travel expenses.

The reason for this is to help them out during the cost of living crisis that is impacting millions of families.

More than 2,000 people across the UK took part in the survey throughout the month of March.

According to the results, adults in the South East of England will spend the most on holidays this year.

They will be splashing out an average cost of £3,051.

Starling’s survey showed that they were followed by families in Yorkshire and the Humber, who will be spending an average of £2,148 on their holiday.

At the other end of the data, families in Wales will spend the least on their holidays with an average of £1,865 per household.

The findings also showed that the most popular destination for British travellers are going to be France, Spain, and Italy.

With people looking to cut costs, 28% of adults are planning to reduce their spending while on holiday this year.

However, nearly a fifth of those surveyed (18%) said they normally blow their budget when they are travelling abroad.

Helen Bierton, Chief Banking Officer at Starling Bank, said: "Holidays are becoming a priority again and the recent wet weather will have many people dreaming of sunnier climes.

"But family trips can be expensive, especially when paying for other people, so making sure you are smart with your spending can help balance the holiday budget."

Starling also offered some advice to travellers impacted by the cost of living crisis.

Save before travelling – and avoid credit card interest and going into overdrafts
Set a budget in the planning stage – this will keep you on track for not overspending
Check conversion rates before travelling
Calculate your travel costs by checking the latest European fuel prices
Make plans for budgeting for when you return to the UK – save money for other plans and bills you may have coming up

Has the cost of living crisis impacted your plans for a summer getaway? Would you consider driving to Europe to help reduce costs? Leave your comments below.