|
Monday 8th March 2010
Over 55s consider moving abroad
Four out of 10 people approaching retirement are considering moving abroad, a survey has shown.
Around 42% of people aged over 55 said they were thinking of relocating overseas, with 38% considering doing so within the next five years, according to the Foreign and Commonwealth Office (FCO).
But while the promise of better weather was the main reason people gave for wanting to move abroad, many were ignoring more practical considerations, such as learning the local language or the political stability of their chosen destination.
A quarter of people admitted they had not thought about the impact of potential currency fluctuations, with four out of 10 saying they thought exchange rates were less important once you lived in a country.
This is despite the fact that many people who are planning to retire abroad will still have their pension paid in sterling.
Around 43% of people also said they thought going somewhere on holiday would give them a fair impression of whether they would enjoy living there.
But the FCO warned that holidays rarely provided people with an opportunity to become familiar with the rules and regulations of a country.
Foreign and Commonwealth Office Minister Chris Bryant said: "In the excitement of making plans for a future in the sun, people don't always think about the possible downsides or the problems that can occur.
"It's always worthwhile being extra cautious when you are making a purchase abroad. Local laws can be complex and unclear, so always seek legal advice."
Redshift Research questioned 1,000 people aged 55 and over during January.
Source: Press Association