BRITAIN'S PENSIONERS have one wish this Christmas - to see families overseas they've not seen in years, a study reveals today.
BRITAIN'S PENSIONERS have one wish this Christmas - to see families overseas they've not seen in years, a study reveals today.
But if Father Christmas were to grant their wishes, he'd have to fork out over half a billion pounds in airfares.
More than a third of the nation's grandparents would like to visit their families abroad this Christmas, but only one in ten will be able to afford to see them, according to Norwich Union's Global Families study.
And more than half say Christmas is the hardest time of year to be apart from their family living abroad.
The research reveals that of the 2.4 million over 60s who have family living abroad, more than half have not seen them for more than five years.
And while one in ten over 60s have embraced new technology and use e-mail to communicate with their family abroad more than half still write letters to keep in touch.
Norwich Union's Global Families study also found:
- Australia topped the poll as most common place for relatives to live - more than a quarter have relatives in Australia, followed by Europe and the United States
- More than half of the over 60s have a child living abroad and more than a third have a brother or sister
- When visiting their family, a third of grandparents stay between one and two weeks and only one in ten visit for longer than six weeks
- A third of all people say the cost of travel is the main thing that stops them seeing their family abroad more often
- A quarter of people would travel if they had a financial windfall, but almost half would give the money to family
Daren Carter, head of equity release marketing for Norwich Union, said: "Our study shows that 20 per cent of the entire population over 60 have close family living abroad. And more than half of these people have lived apart from their family for more than 15 years.
"A third of people with family abroad don't travel because they can't afford to, not because they don't want to. Our research highlights the fact that grandparents want to spend Christmas with their families, but simply cannot afford the cost of the trip."
Mary MacLeod, chief executive of the National Family and Parenting, said: "Families are the most important thing in most people's lives and at this time of year, family members of all ages like to spend time together. With the nation's celebrations in full swing, Christmas can be very hard for relatives who have to be apart.
"Research shows that contact between the generations is good for grandparents and good for children too. The love and care that grandparents can give is an important ingredient in a child's development."
Now Norwich Union offers a choice of equity release plans - which allow homeowners over 60 to unlock the cash tied up in their properties*. And one common use for the extra money is to visit relatives abroad.
People interested in finding out more about Norwich Union's equity release products should call 0845 300 2493 or talk it over with their own Financial Adviser.
For further media information, contact Anja Kueppers or Matthew Buchanan at QBO on 020 7379 0304 or Louise Zucchi at Norwich Union Press Office on 01603 684 506.
Notes to Editors:
Norwich Union commissioned an independent survey of 300 people aged over 60 who have family living abroad. The survey was carried out in November 2000.
* Norwich Union offers two options for people wanting to release cash from their home. The Flexible Cash Release Plan releases a cash lump sum and the Flexible Income Release Plan enables customers to receive a regular income - or the option to take up to 25 per cent of the money released as a cash lump sum as well as a regular income. Loans are secured by a legal charge on their property.
There is nothing to repay during the customers lifetime unless the house is sold or they need to go into long term care.
The plans should be seen as a lifetime commitment. Substantial early repayment fees may be payable if the loan is repaid for a reason other than death or long term care needs.
Full terms and conditions or a personal illustration are available on request.
The income under a Flexible Income Release Plan is provided by a Norwich Union Immediate Life Annuity. The annuity has no cash in value at any time. The income received under a FIRP is taxable as savings income.
Entitlement to state/tax benefits may be affected by taking out an equity release plan.
Norwich Union only advises on its own products.
CHECK THAT THIS MORTGAGE WILL MEET YOUR NEEDS IF YOU WANT TO MOVE OR SELL YOUR HOME OR WANT YOUR FAMILY TO INHERIT IT. IF YOU ARE IN DOUBT SEEK INDEPENDENT ADVICE.
CGU and Norwich Union merged on 30 May 2000 to create CGNU plc - the world's 6th largest insurer, the UK's largest insurance group and one of the top-five life insurers in Europe with substantial positions in other markets around the world.
CGNU's principal business activities are long-term savings, general insurance and asset management with worldwide premium income and retail investment sales of Ł26 billion and assets under management of more than Ł200 billion.
The combined life and pensions, general insurance and retail fund businesses in the UK operate under the Norwich Union brand, while the institutional business operates under the Morley Fund Management brand.
WORKINGS OUT FOR COST OF TRAVEL
Workings out for figure of half a billion pounds (paragraph 2)
Average cost of return economy airfare in December 2000 for the eight destinations where respondents have family abroad (Australia, Europe, United States, Canada, New Zealand, Asia, South America, Africa)
Average cost is Ł679.13
Multiply that figure by 792,000 - which is 31 per cent of the 2.4 million (the number of over 60's with family abroad that want to see them this Christmas but cannot afford to)
TOTAL figure: Ł538 million