LONDON, UNITED KINGDOM — (Marketwire) — 12/07/11 — New research by Platinum Charge Card has revealed that the nation is set to see a -Gap Year Exodus- this year, with over a third (34 per cent) of teens and young adults planning a Gap Year trip within the next 12 months(1). That-s the equivalent of 2.5 million 16-24 year-olds across the UK(2).
The exodus has been further exacerbated by the fact that a large number of students will not be starting their university course this year as planned. While 700,000 teens/young adults applied for full time university places this year(3), the research found 16 per cent of applicants missed out on a place, were turned down or deferred their place. As a result, 43 per cent of these are more inclined to take a Gap Year as a second choice to university, and a further 37 per cent will follow suit if they struggle to find a job.
Plugging the Financial Gap
Fear of running out of funds while overseas is one of the biggest concerns for those planning a Gap Year. But while more than half (56 per cent) have budgeted for major expenses, a quarter (25 per cent) of travellers have a more relaxed approach and have not budgeted at all, instead they plan to “see how it goes” when abroad.(4)
While the majority of these travellers (58 per cent) will finance their trips independently using savings or money they have earned, nearly a quarter (26 per cent) will have some parental help and 11 per cent will see their entire trip paid for by Mum and Dad.
Who to turn to in an emergency
Of those looking to travel within the next 12 months, the majority (47 per cent) would ask their family for assistance if they had a financial emergency during their trip. Interestingly, Mum and Dad rank higher than the British Embassy when it comes to where travellers would turn first if they ran into trouble overseas, be that losing their passport or falling ill.
As such, one in ten parents have already set their children up with a supplementary card (a card tied to a parents account) to ensure they have access to funds in an emergency. Indeed, as well as financial support, supplementary cards can also provide much more overarching cover for Gap Year travellers.
John Paasonen, Director of at American Express, said: “Supplementary cards 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 Platinum Charge Supplementary 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”.(5)
In addition to providing a wide range of insurance benefits, The American Express has an assistance service on hand to provide help in case of emergencies. This includes connecting Cardmembers with a trusted English-speaking doctor or lawyer, or putting them in touch with the local embassy or consulate for help. This service gives the traveller and importantly, the parents back home, additional assurance and peace of mind that there-s professional help at the end of the phone – 24/7 – anywhere in the world.
Core features and benefits offered to American Express Platinum Charge Card Supplementary Cardmembers include:
For more information on the American Express Platinum Charge Card and Supplementary Cards visit today.
Notes to editors:
Please reference the American Express Platinum Card research when using the statistics
(1) Omnibus research was conducted by One Poll, 2000 teenagers and young adults aged between 16-24 year-olds were surveyed online between 7 September and 14 September 2011. In the survey, the term Gap Year was defined as “a period of time/-time out- to travel, do volunteer work overseas or have a working holiday”.
(2) Office of National Statistics UK population figures – 7,467,000 16-24 year-olds in the UK. Based on the research: 33.65 per cent of respondents plan to go on a Gap Year in the next 12 months. 33.65 per cent of 7,467,000 = 2,512,645 (rounded to 2.5 million).
(3) UCAS reported 2011 UK university application figures of 694,535 as at 22 September 2011 .
(4) The survey showed that the top perceived dangers of Gap Years are: Running out of money (23 per cent); Being a victim of crime (21 per cent); Lack of preparation e.g. no accommodation, unable to understand language (18 per cent); Losing essentials e.g. passport, money, airline tickets, phone (15 per cent); Getting lost overseas (12 per cent).
(5) American Express Services Europe Limited (“AESEL”) makes various benefits available to Cardmembers which derive from contracts which AESEL has made with third parties. AESEL is free to amend, extend or terminate these benefits at its sole discretion. These benefits do not form part of AESEL-s contract with you but AESEL will provide reasonable notice, in any event no less than 30 days, in advance of any changes to the available benefits which may be to your detriment. One of the benefits currently available is the benefit of contracts of insurance held by AESEL with certain insurers. You will lose these benefits if you cease to be a Cardmember. Terms, conditions and exclusions apply. Details can be found on the American Express website.
AESEL registered Office: Belgrave House, 76 Buckingham Palace Road, London, SW1W 9AX, United Kingdom. Registered in England and Wales with Number 1833139, is authorised by the Financial Services Authority under the Payment Services Regulations 2009 (reference number 415532) for the provision of payment services. For insurance mediation activities only, AESEL is an Appointed Representative of American Express Insurance Services Europe Limited (reference number 311684) who is authorised and regulated by the Financial Services Authority. Details can be found on the FSA Register.”
The press office operates from 9.00am to 5.00pm.
Outside of these hours please call (+44) 7715 494 275.
About American Express
American Express is a global service company, providing customers with access to products, insights and experiences that enrich lives and build business success.
A leader in global payments, American Express is the largest card issuer by purchase volume and operates a worldwide network that processes millions of transactions daily.
American Express offers a broad array of payment, expense management and travel solutions for consumers and corporations including, credit cards, charge cards, travel, home and car insurance, travellers cheques and foreign exchange services.
Learn more at and connect with us on .
Contacts:
Media Enquiries:
American Express
David Stewart
01273 216 674
Charlotte Ens
Consolidated PR
0207 781 2337
Anna Murray
Consolidated PR
0207 781 2312