Despite economic uncertainty and shifting travel dynamics, nearly half of respondents to a survey consider multigenerational family holidays essential.

The survey conducted by Legal & General asked more than 2,000 UK adults aged 18 and over aimed to uncover changing family holiday trends.

The desire to create lasting memories with loved ones was found to be the prime motivator for planning these types of holidays, with 38 per cent of respondents citing this as the main reason.

Even so, the study found that the majority of people prefer travelling with their partners or friends.

56 per cent of people indicated they usually travel with a partner, and 22 per cent enjoy travelling with friends over family members.

Interestingly, only a small percentage of participants stated they travel with their parents, with this figure dropping to 3 per cent for cousins and 2 per cent for grandparents.

Still, 54 per cent of families are planning to take a family holiday this year, reflecting the value they hold for shared family experiences.

Financial considerations appeared to be a crucial influence on family holiday planning with 42 per cent of respondents naming the cost of the trip as the primary consideration in their decision-making.

'Destination appeal' and 'personal financial situation' were close behind, with each one picked by 31 per cent of the participants as deciding factors.

Further, a third of those who admitted to feeling the effects of the escalating cost-of-living crisis highlighted an ‘increased focus on cost-saving measures’ as the most profound impact.

Despite the economic crunch, an encouraging 50 per cent of respondents intend to go on a family vacation within the next 4-6 months.

The average budget for these families is £2,005, a slight rise from the previous year's average spend of £1,944.

Paula Llewellyn, CMO and managing director (Direct) at Legal and General Retail, said: "As families start thinking about their travel plans this year, it’s clear that they aren't just sticking to the tradition of holidaying together; they're eagerly planning, saving, and putting memories at the top of their priority list.

"Our previous research has shown that multigenerational living is on the rise, so it’s hardly surprising to see this crossing over into our family holidays.

"Even with tight budgets, families across the UK understand the benefits of these holidays.

"Cherishing the chance to make unforgettable memories with their nearest and dearest."