Students, that are planning to take out a gap-year for travelling have been advised to sort out adequate finances and travel insurance, which will cover every aspect of their journey, from their activities to personal gadgets.

Steve Willey, head of travel money of comparison website moneysupermarket.com, said: " A gap year is a wonderful opportunity to experience different ways of life and see other parts of the world. But such a big adventure requires careful financial planning, especially as graduates and students get so little education on money matters.

"Students generally have a very sparse credit profile so their best approach is to go to their current bank and ask what products might be made available to them. It might seem like a dull start to such an exciting event, but students need to make direct contact with their bank to have a chance of being offered the best deals."

It is essential to get gap year travel insurance which covers the individual for the entire trip. They should not partake in potentially dangerous activities without first checking with their insurance provider that their policy allows for such things. Some travel insurance policies come with cover for bungee jumping, paragliding, scuba diving and white water rafting.

Items such as ipods and digital cameras should be covered by travel insurances, but travellers should also endeavour to keep their belongings as safe as possible.

Mr Willey added: "Before leaving, gap-year travellers should photocopy details of their financial products and give them to a trusted family member. It will make life a little easier in an emergency."