Over 50s prefer life overseas to UK in recession

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by Gill Montia

Insurance broker, RIAS, is convinced that large numbers of Britons in the over-50 age bracket are planning to retire overseas.

According to research by the firm, more than 400,000 people who have clocked up half a century or more are seriously considering moving abroad once their working lives come to an end.

The credit crisis and economic uncertainty have apparently added to their desire to enjoy a kinder climate.

It seems that those who have vivid memories of the recession of the early 1980s, when unemployment topped three million, are not amused by predictions that the UK may be the last European country to recover from the financial downturn.

Despite the uncertain outlook for sterling and the risk of income being inhibited by further rises in the value of the euro, Spain, Italy and France the most popular destinations for potential ex-pats.

According to Rias managing director, Janet Connor, cheaper property, a better climate and a lower cost of living are also priorities for over-50s prepared to make the move.

In addition, some are attracted by the potential health benefits of a Mediterranean diet and pace of life.