Bank of mum and dad closed for holidays this Christmas

08 December 2023

  • With Christmas approaching, new Co-op Insurance research reveals almost a third (29%)[i] of UK adults aged 55 and over value splurging on holidays over spending on their offspring

  • This is compared to a fifth (18%)[i] choosing to spend on their grandchildren, and only a tenth (13%)[i] spoiling their children

  • Whilst a fifth (19%)[i] of Britain’s boomer generation looking to spend £2000 or more on their next dream trip

  • However, with almost a quarter (24%)[i] of those aged 55 and over never buying travel insurance, latest data from Co-op Insurance highlights financial risk to travellers this festive season with average travel insurance claim of £426[ii]

With as many as five million Brits[iii] looking to head abroad over the festive period, new research from Co-op Insurance reveals there might be some presents missing from under the Christmas tree this year!

Whilst the so-called ‘bank of mum and dad’ is often viewed as a significant source of expenditure for their offspring, the research – conducted by YouGov on behalf of Co-op – shows almost a third (29%)[i] of the nation’s over 55’s are choosing travel as most valued when considering how they spend their money.

And Britain’s boomer generation are prioritising living life to the fullest, with just over a tenth (13%)[i] choosing to spend on their children, while less than a fifth (18%)[i] are splurging on their grandchildren.

When it comes to travel, the nation’s over 55’s have shown age doesn’t mean slowing down, as almost a fifth (16%)[i] have taken three or more trips abroad in the last 12 months, with the research showing a rather aspirational choice of ‘bucket list’ travel experiences Britain’s boomers wish to accomplish, ranging from the high-altitude heights of Peru’s Machu Piccu to the sub-zero temperatures of Antarctica.

However, with a fifth (19%)[i] looking to spend £2000 or more on their next dream trip, when it comes to planning for the unexpected, almost a quarter (24%)[i] of the UK’s over 55’s said they never buy travel insurance when going on holiday, with almost a fifth (19%)[i] of those citing their age (11%)[i] or having pre-existing medical conditions (12%)[i] as the reasons why they believe they would be unable to get cover.

But with the latest claims data from Co-op Insurance showing the average travel insurance claim to be £426[ii], and some claims even reaching into the thousands, travellers could be at risk of a blue Christmas with high out-of-pocket expenses should they encounter any issues whilst away.

Graham Ward-Lush, Head of travel at Co-op Insurance, says: “As the dark nights draw in, and we make our way through the colder months, we know that many people will be looking to escape the UK’s wet weather for a winter break.

“And as our research shows, age doesn’t need to be a factor in stopping people from accomplishing those all-important travel goals, whether that be visiting an exotic destination or a world-famous landmark.

“However, whilst everyone should indeed be able to live life to the fullest, it is important that people plan ahead and protect themselves with travel insurance should the unthinkable happen. As with travel, age also shouldn’t be a factor in preventing people from protecting themselves with travel insurance, meaning they can continue to tick off those bucket list experiences with peace of mind should they be faced with an unexpected medical issue whilst abroad.”

As well as offering customers both single and annual multi trip travel insurance with no age limits, Co-op Insurance also works with a specialist pre-existing medical insurance provider, meaning neither age nor having existing medical conditions should deter people from applying for travel insurance to protect against the unexpected.

For further details visit https://www.coop.co.uk/insurance

ENDS

For more information, please contact: pressoffice@coop.co.uk

About Co-op:

Co-op is one of the world’s largest consumer co-operatives with interests across food, funerals, insurance and legal services. Owned by millions of UK consumers, the Co-op operates over 2,400 food stores, over 800 funeral homes and provides products to over 5,000 other stores, including those run by independent co-operative societies and through its wholesale business, Nisa Retail Limited.

Employing almost 60,000 people, the Co-op has an annual turnover of over £11billion and is a recognised leader for its social goals and community-led programmes. The Co-op exists to meet members’ needs and stand up for the things they believe in.

Notes to editor [i] All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2,105 adults. Fieldwork was undertaken between 26th - 27th October 2023. The survey was carried out online. The figures have been weighted and are representative of all UK adults (aged 18+) [ii] Latest claims data from Co-op travel insurance based on 2022 [iii] Data taken from The Travel Association (ABTA) based on 2022: Five million Brits head abroad for the Great Christmas and New Year Getaway | News | ABTA