EDINBURGH, SCOTLAND, December 14, 2008
/24-7PressRelease/ -- Rising costs in Britain are also a factor for Brits considering moving abroad, as the new breed of retirees, dubbed 'emi-greys', worry that their pensions simply won't go far enough at home. Almost half of us (47 per cent) believe the UK is too expensive to live the life that we want to lead, and a worrying 28 per cent of people do not feel they can afford to stay in the UK when they retire.
The study paints a bleak picture of life as a retiree in Britain. Almost two thirds of respondents perceive a better lifestyle abroad (63%) and 24 per cent of Brits feel safer overseas. Almost a third of respondents (32 per cent) feel other countries respect their elderly more than the UK.
George Andrew, head of market relations at Scottish Widows said: "You would think in Britain that we would be accustomed to our temperamental weather, but it appears that a succession of gloomy summers have cast a dark cloud over our retirement hopes. Many of us are also fretting about how we will be able to afford the retirement we desire."
Of all the UK's regions, Londoners most want to flee the country when they retire (24 percent stating they are very likely to consider moving abroad), while Scots are most likely to stay put (11 per cent stating they are very likely to consider moving abroad). There is little gender divide, although women appear to be slightly less likely to want to make the move than men
with 33 per cent of women likely to consider becoming an 'emi-grey' compared to 37 per cent of men.
So where are our pensioners likely to go? Spain remains a retirement favourite with 17 per cent of people citing a likely move there, followed closely by Australia and the USA (both 10 per cent). France (9 per cent), Canada and New Zealand are also popular destinations (7 per cent each).
George Andrew adds: "So whether you plan to see the world, or spend time with your family at home, planning your pension provision as early as possible can help give you the retirement that you desire. For example, many people are not aware that for every 4 you pay into a pension the Government adds 1, and if you're a higher-rate taxpayer you can claim back another 1 in your tax return. This tax relief makes a pension one of the best ways of preparing for a comfortable retirement - whether you intend to go abroad or not. If you are worried about saving for your pension, visit an Independent Financial Adviser."
Scottish Widows offer a range of
Life insurance,
Individual Saving Account (ISA) &
Pensions Products.
About Scottish Widows
All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 1476 adults who pay income tax and were not retired.. Fieldwork was undertaken between 28th August - 1st September 2008. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).
Scottish Widows was founded in 1815 as Scotland's first mutual life office. Becoming part of the Lloyds TSB Group in 2000, Scottish Widows has become one of the most recognised brands in the life, pensions and investment industry in the UK. The product range includes ordinary long term insurance, such as life assurance, pensions, annuities and permanent health insurance, and savings and investment products. Using a multi-sales network of Financial Advisers, Direct Sales, Direct Marketing, the Internet and via the branch network of Lloyds TSB, Scottish Widows currently employs about 4,000 people.
Scottish Widows news releases appear on our website at
www.scottishwidows.co.uk/mediacentre
Link to our guides to finance:
http://www.scottishwidows.co.uk/financial-toolkit/index.html
For further information on Scottish Widows association with London 2012 Games, visit
www.scottishwidows.co.uk/london2012
The content of this news release is intended for information only and should not be relied upon for making investment decisions. Whilst every effort is made to ensure the content of this news release is accurate at the time of publication, Scottish Widows plc disclaims liability for any losses, disputes or claims which may arise as a result of the use of this information.
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