Older savers and travel

There are all kinds of financial products available to older savers that could help them pay for the type of holiday that they have always wanted. Whether this is a luxurious cruise, a Kenyan safari or a return to a favourite spot from years ago, the list of options is wide and varied.

For a particularly extravagant trip, however, a savings option like an ISA might prove to be the savviest way forward. If you already have a lump sum saved, a fixed-rate version of this particular facility could allow you to figure out exactly what kind of target you expect to achieve further down the line. But if you are struggling to come up with exactly how much you think you will be able to contribute towards this, an online savings calculator might be useful.

In any case, it seems that luxury holidays in dream destinations are becoming even more popular with older people, which Age Concern recently suggested could be down to the fact that this generation of savers are smarter with their cash. The organisation published a report that showed there had been record numbers of holidaymakers between the ages of 65 and 87 that were booking annual European and worldwide multi-trip travel insurance. This, it noted, revealed that people in the demographic were really making the most of their savings.

Joe Young, a spokesman for the group, said: "Globe-trotting is no longer the reserve of the young. Over 65s are as likely to be travelling the world as younger generations as they search for ways to bring excitement to retirement. And as the population ages, we predict a travel boom which will see even more mature people exploring far flung destinations."

With all this in mind, you may find yourself looking at your financial situation and attempting to find a way to join in with this crowd. Of course, saving for your trip of a lifetime whatever your age is possible with such a facility and there is no doubt that gap year students are also becoming increasingly aware of this. However, with the number of ‘grey gapers’ seemingly also on the rise, achieving your travel goals may now be easier and more realistic.

Once you have looked at what you can put into your ISA on a monthly basis, you should make sure this fits within the contributory limitations imposed on your particular product. So, regardless of whether you are keeping the nest egg warm over a short or long term, simply setting up the facility - which can often be done with a very small deposit - should take you one step closer.