More Than A Third Of Brits (35per Cent) Are Likely To Consider Moving Abroad When They Retire

PRLog (Press Release) - Dec 12, 2008 -
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 per centstating 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 percent 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 payinto 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(http://www.scottishwidows.co.uk/protection/index.html), Individual Saving Account (ISA)(http://www.scottishwidows.co.uk/investments/individual_sa...) & Pensions Products(http://www.scottishwidows.co.uk/individual_pensions/guide...).