Younger generations travelling more
Young people are increasingly making international money transfers as they travel overseas by as much as three times more than the Baby Boomer generation, according to research conducted by the Post Office Travel Insurance group.
Those aged between 18 and 24 years old (Generation Y) are far more likely to have travelled abroad than their parents' generation did at the same age.
According to a survey, nearly 80 per cent of the current generation of 18-24 year olds travelled abroad an average of four times before they were 16 years old.
Other European countries are more commonly visited by this generation, however, 15 per cent have travelled to North America, 17 per cent visited Africa and four per cent vacationed in South and Central America.
By the age of 16, nearly 80 per cent of Baby Boomers had never left the UK, lacking the ease and convenience of package holidays which were first introduced in the 1950s.
Compared to the younger generation of 45-54 year olds, Generation Y is better well travelled, with over half of the older generation having never left the UK.
Of those 45-54 year olds that did leave the UK at some point, 94 per cent only ever made it as far as another European country.
Three in five children under-16 today have been abroad, with 60 per cent of them saying they had their first flight experience by the age of four.
Over 20 per cent had their first flight as babies and 22 per cent of young children have travelled across the Atlantic to North America, while one in ten have been to Africa.