Survey Finds Many UK Over-50s Want To Retire Abroad
Thursday, November 21, 2013
A survey involving over-50s in the UK has found that almost half the
total number of respondents would like to retire abroad, and that
nearly 70 percent are concerned about the cost of living as a retiree
in the UK.
The poll was undertaken by Censuswide for international financial
consultancy the deVere Group, and involved a sample of 1,231
participants. It found that 49.5 percent of respondents surveyed have
"seriously considered," "are thinking about," or "would be tempted" to
live overseas during retirement, with 27.9 percent naming Spain as the
country to which they would be most likely to relocate. A further 12.6
percent named France, and 7.9 percent expressed a preference for
Respondents also identified with concerns about care for the elderly
and quality of life in the UK, and agreed that the weather was a
factor in wishing to relocate.
The deVere Group's founder and chief executive, Nigel Green, said
that he wasn't surprised by the number of over-50s who might like to
move, or that cost of living would be the major "push factor." He
observed: "The environment of high taxes, creeping inflation, low
interest rates and low annuities, plus the scrapping of some
age-related benefits, is compounding the situation." By comparison,
other countries offer a high standard of living and better weather at
"a fraction of the cost."
Green also drew attention to the financial advantages of living
abroad, citing QROPS (the Qualifying Recognised Overseas Pension
Scheme) as a tax efficient pension and investment opportunity that
allows expats to mitigate inheritance tax, access flexible
investments, have their pensions paid in the currency of their choice,
and allows 30 percent to be secured as a tax-free lump sum, amongst
He added that over-50s were also attracted by Spain, France, and
Italy as countries with better weather, a more relaxed,
family-orientated and/or outdoor way of life, and lower crime levels.
By contrast, a survey of under-40s from last year showed that
preferred destinations included Dubai, Abu Dhabi, Moscow, Hong Kong,
South Africa, Shanghai, Malaysia and Tokyo.
Censuswide complies with the Market Research Society's Code of
Conduct, which is based on principles established by the European
Society for Opinion and Market Research.