Bank of mum and dad: More young adults travelling with parents, study says

It seems the ‘bank of mum and dad’ extends to holidays too, with the majority of young Australians choosing to take their vacation with their parents, according to new research conducted for leading cruise line P&O Cruises.

The survey of more than 1,000 adults, aged between 18 to 29, found that more than half (51 per cent) have gone on an all-expense paid holiday with their parents since turning 18, while 82 per cent said they would consider taking a trip with parents.

Of those surveyed, 51 per cent said their main reason for wanting to holiday with their parents was a desire to spend more time with their family, while only 21 per cent said their main motivation was to save their own money.

“Young Australians experience many financial pressures today so parents are playing a key role in helping their adult children save, study and now travel,” social researcher Mark McCrindle said. “When it comes to travel, having a close relationship with mum and dad can clearly have significant benefits – both emotional and financial.”

Meanwhile, an impressive 81 per cent of those who had already travelled with their mum and dad said they were surprised how much fun they had, while 91 per cent said they’d travel with their parents again if they had the opportunity.

P&O Cruises President Sture Myrmell added: “Cruising is an incredibly affordable way for an extended family to travel, offering an overseas experience for all without the expense of international airfares.

“We’re seeing more and more parents travel with their adult children on our ships – it’s a wonderful act of generosity by parents which means the whole family can continue to explore new horizons together and really carry the bonds of childhood into adulthood.”

What are your thoughts on this? Would you want to share your cruise with your adult kids? And would you pay for it?