British students have become increasingly unable to fund gap year excursions, according to recent research.
Thousands of graduates are saddled with debt management problems after leaving university and fewer are now able to use their savings for trips to far-flung destinations, Abbey reports.
Instead of taking a gap year, students are now more likely to be saving up their money for a housing deposit in order to avoid taking on an unmanageable amount of mortgage debt in later life, the latest figures have shown.
“House prices have brought in a harsh new reality for students,” said Nici Audhlam-Gardiner, head of Abbey Mortgages.
“They now need to weigh up the benefits of travelling against jumping straight into a career and being able to afford to get onto the property ladder.”
Last week, the Conservative Party’s treasury spokesperson George Osborne criticised prime minister Gordon Brown for “economic incompetence” during his time as chancellor.