Is retiring abroad as popular now as in the past? It seems that, global issues are causing retirees with plans to emigrate, to stay put. President Trump, Brexit and a potential no deal are all causing people retiring to rethink a move abroad …
Global uncertainty is making retirees reconsider their plans to move abroad says new research. It found that nearly half of retirees would opt against relocating to the US because of President Trump; while a quarter admitted they would choose not to move to Europe because of Brexit. Another 55% wouldn’t relocate abroad at all if the UK ends up with a no deal.
Retiring Abroad
Current global issues may be the reason why nearly half of respondents said they love the UK and its culture too much, to relocate. While nearly half of retirees admitted they would miss family and friends too much to ever leave the UK.
It appears that not all decisions, however, are based on the global events as 60% of retirees have considered moving abroad simply to get better weather. The survey of 1,000 individuals found that while higher temperatures are a top reason to relocate abroad, retirees are proving that it’s never too late to dream. Nearly half of retirees are interested in improving their quality of life, with 40% wanting to improve their well-being and a quarter wanting to follow their dream.
Retirees biggest concerns when moving aboard are the practical details – with sorting out documentation (42%) and finances (40%) proving to be challenging. However, the biggest challenge, named by half of retirees, is saying goodbye to family and friends.
Although some are interested in moving far away, interestingly retirees are looking to travel light. The survey found that pensioners are less likely to take everything they own with them. Apparently they are more likely to take just a suitcase. 51% said photos are the most important item they couldn’t move aboard without. And it appears that these memories are so important that retirees rate them more highly than their pets (35%), clothes (32%), jewellery (18%), music, art and wine collections and even their children (12%).
Learning A New Language
Once they’ve reached their destination, 49% of retirees admitted their biggest concerns are learning a foreign language and finding somewhere to live. While 38% said that ‘adapting to a new culture’ is one the top five challenges. Two thirds said they would completely embrace the culture and change their style/way of living – compared to only 38% of millennials who would be willing to immerse themselves fully.
The research found that a fifth of retirees will not consider relocating to some continents because of strange food. However, 32% say that sorting out utilities or driving on the wrong side of the road would be harder than getting used to the new food. Two thirds would prefer to physically meet or talk to a local expert at their destination of choice rather than resort to technology. Although 41% of people thought that access to an app or a website with specific destination advice in advance of the move would be useful.
Retiring to Europe
Andy Buckle from Crown Relocation, who commissioned the research, comments:
“Our research highlights that retirees feel it’s important to take care of their health and mental well-being. While they know the emotional turmoil caused by saying goodbye, they understand the opportunity to improve their quality of life. Being able to put themselves first and the chance to fulfil their dreams keeps them focused on the practicalities of moving. It’s interesting that the older generation feel utilising expert advice is key for a smooth transition.”
Despite the uncertainty surrounding Brexit, UK retirees feel Europe is the easiest and the safest destination to retire to. While they feel that Australia, New Zealand and Europe are the ‘friendliest’ countries.
42% of retirees think Europe is the cheapest destination while 16% felt Asia is better value for money. 12% said India was the third cheapest. The majority of retirees don’t think that their financial situation will be any better really if they relocate abroad.
Sapio Research conducted the survey for Crown Relocations in January 2019. They interviewed 1,000 people across different demographic groups to understand their attitudes to relocating abroad
Amazing post.