Next Summer, me and the family are off to Menorca. And when I say ‘the family’, I don’t just mean myself and the kids – it’s a full-blown Heathcote extravaganza. My mum, dad, sister, brother, brother-in-law, my two kids and the cat.
OK, perhaps not the cat (sorry Puska).
I don’t recall multi-gen holidays ever really being much of a thing when I was a kid (cue Hovis music) – but now it seems like it’s increasingly becoming the norm, with kids, teens, parents and grandparents all heading off together to enjoy sunnier climes.
It’s not just about who is going, but also who is footing the bill, and for many families that responsibility now rests with the grandparents.
Bank of Mum and Dad (and Nana and Grandad)
A recent study by AllClear travel insurance revealed that more than half of UK parents (56%) have received financial help from grandparents towards a family getaway while 54 % say those grandparents have covered the entire bill at least once.
A separate survey for Kent Reliance found that 42% of parents are paying for their adult children to join their multi-generational breaks, with nearly a third of those parents planning to carry on doing so indefinitely.
OK, cards on the table - my parents are also paying for the forthcoming Menorca holiday, with me paying them back in installments (0% interest, thankfully!). Does this sit well with me? Well…no, but that’s a conversation for another blog.
Why multi-gen breaks are booming
While we might like to imagine holidaying as one big happy family is driven by a longing to spend time with your nearest and dearest, the reality is perhaps not quite so Waltons-esque. Let’s take a closer look.
1. Rising costs and shrinking budgets
For many parents in their 20s, 30s and 40s, property prices, sky high rents and rising everyday costs have hit hard. Legal & General’s 2023 Bank of Family report estimated that relatives were dishing out more than £8 billion in loans and gifts to help buyers onto the housing ladder in 2023 alone, with average contributions over £25,000.
So it’s little wonder that holidays are often out of reach for young families without support from older relatives. For grandparents who are mortgage-free, still working or comfortably retired, paying for a villa or cruise can feel like a practical way to help loved ones.
There is also a tax angle. Financial planners often point out that gifting money while you are alive can reduce inheritance tax if you survive seven years after the gift (known as the Seven Year Rule). For some older parents, this becomes a reason to swap future inheritances for holidays with all the family.
2. Childcare
According to the AllClear report, 55% of parents surveyed have previously paid for grandparents to join them on holiday to help out with childcare. On a multi-gen trip, this means an extra set of eyes keeping little ones safe around the pool or at the beach and perhaps a handy babysitter on standby while mum and dad slip off for a much-needed quiet drink or two. It becomes an informal exchange of time and money.
3. A craving for quality time together
It’s not all about money and childcare. Lockdowns and travel bans still cast a long shadow, even four years on. The overwhelming motivation for most multi-gen holidaymakers (60%) is simply to enjoy quality time together as a family. Yes, squabbles are inevitable, but these tend to be quickly forgotten while memories of shared meals on sun-drenched terraces linger for years.
Celebrations such as birthdays or milestone events are also bringing families together and sometimes a meal down the pub just doesn’t cut it.
“I’ve had a number of clients who will spend tens of thousands of pounds on five-star, all-inclusive holidays so they can celebrate a big birthday or event with their children and grandchildren. It does tend to be the older generation who covers the cost and they are typically more willing to push the boat out when it’s for something special”
Multi-gen holidays are here to stay
Younger families are feeling the pinch while some older parents and grandparents are fortunately in a more secure position (although many aren’t, and it’s important to flag this). This gap between financial pressure and financial comfort is helping to drive the rise in multi gen travel, with older generations stepping in to make holidays possible.
Travel brands that recognise how these dynamics shape decisions and respond with clear information and practical support will most likely be the ones families turn to when planning their next break.
