Gap year travellers worry about access to money

Running out of funds while overseas is one of the biggest fears for people planning a gap year adventure, it has been claimed.

Research conducted by American Express Platinum Charge Card found that while 56 per cent of travellers budget for major expenses, another 26 per cent have very little to fall back on.

Instead they plan to "see how it goes" while out of the country, the firm discovered - and this can lead to ongoing worries about money.

The majority of UK travellers surveyed (58 per cent) will finance their trips independently using savings or money they have earned, the study found.

Another 26 per cent will have some parental help and 11 per cent will see their entire trip paid for by their parents.

Of those looking to travel within the next year, almost half (47 per cent) said they would ask their family for assistance if they had a financial emergency during their trip.

And one in ten parents have already set their children up with a supplementary card, tied to their own accounts, which can be used in an emergency.

John Paasonen, director of Charge Cards at American Express, claimed these are "a great tool" for both travellers who encounter an emergency and parents who want to ensure their children have a safety net while away from home.

"Parents of young adults using one of our cards can rest easier knowing that, in addition to having access to funds in the event of a financial emergency, they are also covered by a range of additional benefits including worldwide Gap Year travel insurance and support from our dedicated international emergency assistance service," he added.

According to the Foreign & Commonwealth Office, Brits heading abroad need to budget whatever money they have and keep it in a safe place at all times.

Before setting off on their gap year adventure, they should check the validity, expiry dates and cash available on their credit and debit cards, it added.

"It is advisable to have some local currency in small bank notes to catch a taxi or get something to eat or drink on arrival," the office said.

"When carrying money around with you, use a wallet for loose change and your day-to-day spending. Wear a secure money belt under clothing for your valuable documents and money."

Click here for gap year advice.