Loan lenders look to mature gap year market

Tue, 21 Mar 2006

Loan lenders are set to harness the growing non-student gap year market, as new research shows almost half of Brits are thinking of taking a career break.

The opportunity to pick fruit in Australia or build schools in Africa were at one time only taken up by eager students. However, now it has been revealed the fastest growing gap year market is in the 25- to 35-year-old age bracket.

According to the current account mortgage provider The One account, last year approximately 90,000 people between 25 and 35 took a gap year, spending up to £9,000 on their trip.

The survey also suggested that 43 per cent are at least thinking about taking some form of sabbatical from work in the near future, before settling down.

Personal loans could be one way to fund career breaks, with trips to Australia being the most popular choice.

One in seven people said that they would prefer to retrain or gain further qualifications during their sabbatical, an aim that could be achieved through a student loan or homeowner loan.

Approximately 12 per cent of those questioned said they would consider working abroad and almost a fifth saw a career break as an opportunity to set up their own business, often funded through business loans.

Deborah Milsom from The One account believes this new gap year phenomenon is partly due to people acknowledging that they might have to work longer and possibly past the current retirement age, so they are taking the opportunity of a break from work when they can.

"It's interesting that gap years are no longer a student phenomenon with young people taking very demanding jobs soon after leaving university and reaching an age where they reassess their careers or just take a break to recharge their batteries, typically before settling down," she said.

"It is an opportunity for people to reassess their future but also to try something new."


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