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Young adults saving on products such as travel insurance

03 March 2009 07:01

Young adults saving on products such as travel insurance

Young adults aged from 18 to 34 are more likely to be cutting down on their travel arrangements in order to save money during the recession.

That is according to research from Abbey, which indicated that those in that age bracket claim to have reduced annual expenditure on food, leisure, entertainment, holidays and financial products - such as holiday insurance - by £826 more than the over 55s.

The financial company learned that 51 per cent of people are changing their holiday plans as a result of the economic downturn, leading to average savings of £229 a year.

More than a third of people (35 per cent) are also making an effort to find the best-value financial services - including travel insurance - and are saving £139 annually, on average.

Reza Attar-Zadeh, director of savings and investments at Abbey, noted: "In the current climate many people are determined to tighten their belts."

However, travellers should be sure that a bargain policy is suitable for their needs.

Last month, the department of health warned that thrifty holidaymakers travelling abroad with little more than a European Health Insurance Card would find themselves under-protected in the event that something goes wrong.ADNFCR-1320-ID-19046882-ADNFCR