Backpackers 'should make the most of their money'
With a rising number of backpackers expected to take a gap year in 2009 due to redundancies and university deferrals, it is important that they plan ahead for their travels, according to the chief executive of FairFX.
Stephen Heath suggested that travellers headed abroad do pre-trip research before they set off and work out a realistic budget by estimating the daily cost of food, activities and a place to sleep.
He noted that it is always better to overestimate these costs than underestimate - in case an emergency arises - and to make sure that there is a little extra money set aside for spur-of-the-moment activities.
Direct Travel Insurance noted earlier this year that it has seen a 50 per cent rise in the number of backpacker insurance policies it has sold - attributing this increase to the credit crunch.
It found that the average backpacker is away for just over six months and most new policies are sold to people travelling to New Zealand and Australia.
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