Budgeting For a Gap Year
When the weather is cold and miserable in Britain many students look at the idea of taking a year out from university to study abroad, or doing a gap year before starting university. It's a great idea, but who is going to foot the bill? It's estimated that each backpacker will, on average, budget £2,000 for a six-month trip. That's a lot of cash - so find out how students get it?
How trips are financed:
| Age | 17-20 | 21-24 | 25-35 |
| Work to save money | 62% | 58% | 61% |
| Work way round world | 13% | 22% | 24% |
| Money from parents | 21% | 18% | 10% |
| Borrow money | - | 10% | 8% |
| Nest Egg/ inheritance/windfall | 6% | 4% | 7% |
Money is one of the biggest issues people face when they're considering a gapyear. Most have to work for several months in the UK to fund their trip, and over half of you will supplement your trip by working while you're away. Almost a third of the post-A Level students receive money from their parents, and over one in 10 of the older group would consider using inheritance money or cashing in on building society windfall payouts to take that once-in-a-lifetime trip.
And tellingly, 27% of graduates taking a year out will use their student loans to take time out before embarking on their career. Don't worry - we won't tell the Student Loans Company!
The first item of equipment bought for the trip:
| Item | Percentage |
| Backpack | 38% |
| Guidebood | 23% |
| Boots/Shoes | 13% |
| Clothes | 7% |
| Sleeping Bag | 7% |
| Tent | 4% |
| Sports equipment | 1% |
| Ticket | 1% |
| Sundries (toiletries, camera, etc) | 6% |
