How extra dad and mom are paying to take their grownup children on vacation
- Majority say they look forward to multigenerational holidays the most
- Half of people said they had ready access to the money to pay for these trips
- Fay Howard says she has seen the benefits that these trips bring to her family
More parents are shelling out thousands of pounds every year in order to take their adult children away on holiday, with three in ten of those planning 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 every year, according to data from Kent Reliance.
Of this cohort, 60 per cent say they look forward to these trips the most.
While a great way to spend time with your 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 alongside flights and accommodation.
Muligenerational: Fay Howard says taking her children and grandchildren on holiday allows her family to build stronger relationships
Even with the considerable cost involved, nearly a third of UK adults have been on a multigenerational holiday in the past three years, with a further 20 per cent planning 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 is wonderful to see just how many people are enjoying coming together whether in the UK or abroad.
‘For parents of grown-up children, the quality time comes at a financial cost but one many tell us they are happy to bear.’
For Fay Howard, multigenerational holidays not only allow her to connect with her children and grandchildren each year, they also are the main way in which she and her parents spend time with her sister, who lives in the US.
Fay, who has three adult children and four grandchildren, now goes away with her kids every year and has done so for the past four years.
She also goes on long weekends away with her sister and parents when her sister visits from the US.
She said: ‘To get my children together, and their partners and their children is great. I have also seen the benefits it brings to my family, with the cousins spending that time together and building relationships which they don’t get to do when you just see each other [for a day].
‘I think it’s nice for the little people to see their cousins and have loads of adult attention and stuff, and I think it’s nice for my children to get to know their siblings’ children.
‘My son hasn’t got children, but he enjoys playing with the little ones and getting completely exhausted.’
She added: ‘In the evenings when the little ones are sleeping, just sitting around chatting is mega. It’s very valuable.
‘I just love seeing everyone together.’
Later this month, Fay is visiting Wales with her children and their families.
‘I’m sure my children might take me on holiday in the future, but it’s good to have the income to help them at the moment.
‘When you’ve got young families, you just don’t have any money,’ Fay said.
‘We’ve got that money, and we’ve seen the benefits ourselves. So we’re more than happy to pay.’
For 62 per cent of respondents, quality time spent together was the most common motivation for going on multigenerational holidays, while just under half said they viewed them as a chance to create cherished memories.
Despite this, a multigenerational holiday every year could prove too expensive for many people.
Just 48 per cent of parents said they had ready access to the money they needed to fund their last multigenerational holiday, with 37 per cent reporting that they had saved up in advance to pay for multigenerational holidays.
Halliwell said: ‘While many respondents were fortunate enough to have a holiday nest egg to fund their holidays, 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 a long time, for a small or a bigger amount, I’d always recommend people shop around and ensure they are getting a good interest rate on their savings as it can make a real difference.
‘By setting a clear and manageable savings goal, people could earn themselves the equivalent of a meal out or an activity while away.’
