M&S Money Reveals Over 50s Stick Close to Home in RetirementBy Ms Money, PRNE
Wednesday, January 5, 2011
CHESTER, England, January 6, 2011 - M&S Money has revealed that only 10% of the UK's 50 to 70 year olds are
actually considering upping and leaving Britain behind for good when they
retire, putting to rest the myths of the UK's "globe trotting" older
Indeed, contrary to popular belief the majority (61%) of this age group
has no desire to move overseas and prefers to holiday close to home or in an
English-speaking country. The top five destinations where M&S Credit Card
customers use their card are the USA, France, Spain, Ireland and Italy.
Research conducted by the Institute of Public Policy Research in 2006*
showed 8% of British pensioners were living abroad with a prediction that one
in five pensioners would retire overseas in 2050. The new findings from M&S
Money suggest that the appetite to retire abroad has slowed considerably over
the past four years, with pensioners preferring to stay closer to home,
possibly a reflection on the difficult economic times faced by many older
people in the past few years.
With people retiring on average at 63 and a half years old**, they might
be expected to use the early years of their retirement to realise their
dreams of seeing the world with extensive travel. However, 44% of 61 - 70
year olds would prefer a break of less than two weeks, and 38% of three weeks
to a month. The inclination to travel for long periods falls as people age,
with those aged 50 - 60 (8%) more willing to travel for six months to a year
than those aged 61 - 70 (5%).
While most people would prefer to continue living in the UK, 12% would
look to buy a second home overseas and 10% to move overseas permanently.
However, with Europe (24%) being the most popular spot to purchase a home, it
is safe to assume that even these adventurers would be making regular return
trips to the UK.
One possible reason behind the reluctance to undertake longer holidays or
leave the UK completely is the desire to spend time with family and friends.
Married (3%) and widowed (3%) individuals are less likely to have a gap year
than the recently separated (11%), who may wish to leave their troubles
behind and make a fresh start.
According to the research, 60% of people would spend more than GBP2000 on
the holiday of a lifetime and that can be a large sum to find, especially
when you have retired.
Colin Kersley, Chief Executive of M&S Money commented: "Irrespective of
whether you have aspirations to undertake serious travel when you reach 50 or
simply to enjoy two weeks in the sun, these costs all add up. And with the
increasing pressure on people's pension pots, it is important to start
planning your finances early to ensure that you have the sufficient funds to
allow you to make that choice."
Notes to Editors:
* = "Brits Abroad: Mapping the scale and nature of British emigration",
Institute of Public Policy Research, 10 December 2006;
** = Office of National Statistics
Almost 2,000 over 50's were interviewed in Q3 2010 via a YouGov survey.
In addition, data from M&S Money's 3.2 million cardholder base was used.
About M&S Money:
M&S Money (the trading name of Marks & Spencer Financial Services) was
founded in 1985 as the financial services division of Marks and Spencer Group
plc, making 2010 the company's 25th anniversary.
The company is a top-ten credit card provider and the second-largest
travel currency (
money.marksandspencer.com/travel/travel-money/overview/) retailer in
the UK. M&S Money also offers a range of insurance cover, including home
travel insurance (
well as loans, savings and investment products.
PR Contact: Liz Neild M&S Money Kings Meadow Chester Business Park Chester CH99 9FB +44(0)1244-686068 money.marksandspencer.com
PR Contact: Liz Neild, M&S Money, Kings Meadow, Chester Business Park, Chester, CH99 9FB, +44(0)1244-686068, money.marksandspencer.com
Tags: Chester, England, January 6, M&s Money, United Kingdom