One in 10 British parents contribute up to £5,000 towards their child's gap year Parents in this country spend as much as £995 million each year to fund their children's gap year adventure. Only three per cent of parents expect the money they contribute to eventually be paid back, with a third (32%) considering the donation to be a gift for their child. The study found that almost a fifth of gap years (18%) are funded, either fully or partly, by parents. Parents are paying an average of £763 towards the gap year according to the survey, which quizzed 1,500 British parents with children aged between 17 and 30. James Hickman from Caxton FX, who commissioned the study, said: "The gap year has become a rite of passage for thousands of young people around the world, and it's clear that parents are willing to help in order to ensure that their child is able to embark on the trip of a lifetime. However, with parents contributing so much to the gap year, young people need to have a clearer sense of their budget and better control over their finances while abroad. It is estimated that 20,000 young people will embark on a gap year this year. The research has revealed the cost of the items most commonly provided by parents: Accommodation - £2,500 Round the world flights - £1,100 Medical costs - £490 Deposit - £250 Travel equipment - £219 Clothing - £129.97 Shopping - £100.00 Insurance - £96.56 (backpacker travel insurance) Visas - £48