Britons are turning their backs on the dream of retiring to the sun, a new study reveals today.
Britons are turning their backs on the dream of retiring to the sun, a new study reveals today.
Despite a common belief that hardworking Brits want to jump ship and retire abroad for the sunshine, two thirds of people say they would prefer to stay put and spend their retirement in the UK, according to research commissioned by Norwich Union.
And the country cottage gets the thumbs up as the top choice of places to live for people over 55 who are considering their retirement.
Almost a third of people would like to live in the countryside, while 17 per cent fancy retiring by the sea.
Norwich Union’s study also reveals that family ties are one of the strongest reasons for keeping retirees in the UK – with one in five people citing spending their golden years living close to their children and grandchildren as the most important thing.
Commenting on the study, Julie Skipper from Norwich Union Personal Finance said: “Our research reveals that having made a life for themselves in the UK, people would rather stay where they are and close to their family and roots than move abroad when they retire.
“But if they were to stay in their current home for their retirement, half would want to redecorate the entire house to their taste. We also found that landscaping the garden and building a conservatory are popular improvements people would make to their home in their retirement.”
Norwich Union’s ‘Home Improvements’ research reveals that the most popular changes people would make to their home if money were no object are:
- Redecorating the entire home
- Landscaping the garden
- Building a conservatory
- Fitting a new kitchen
- Building an extension
- Converting the loft
- Replacing the windows
Peter Everett, marketing manager for on-line estate agent YOUR MOVE, added: "There is a clear trend of people staying in the family home during their retirement years. They are choosing to embark on improvements to make their properties more comfortable places to live, and by doing so, often enhance its value.”
The study was conducted as Norwich Union launches its first ever television advertising campaign for equity release this month. The advertisement focuses on a man in his 60s enjoying his newly built conservatory.
Julie Skipper added: “For people considering their retirement options or for people who are already enjoying their retirement, making their home more comfortable is often one of their priorities. In fact, home improvements, such as building a conservatory or an extension, are one of the most common uses for people taking out an equity release plan, along with travel, extra income and new cars.”
For people wanting more information about equity release, Norwich Union has produced a guide for consumers explaining the equity release process. For your free copy of ‘Unlock your future – equity release made easy’ call Freefone 0800 122 876.
Press contact:
Anja Kueppers or Matthew Buchanan at QBO on 020 7379 0304, 07803 501804 or 07939 232174. Or Louise Zucchi at Norwich Union Press Office on 08703 666 860 or 07860 203466.
Notes to editors
- Norwich Union commissioned Taylor Nelson Sofres to conduct an independent survey of 1,000 homeowners. The research was carried out in March 2002.
- The plans provide a lifetime loan secured on property. Full written terms and conditions are available on request.
- CHECK THAT THIS MORTGAGE WILL MEET YOUR NEEDS IF YOU WANT TO MOVE OR SELL YOUR HOME OR YOU WANT YOUR FAMILY TO INHERIT IT. IF YOU ARE IN DOUBT, SEEK INDEPENDENT ADVICE.
- Norwich Union is the UK’s largest insurer. It is the UK’s largest provider of life, pensions and investment products and one of the leading IFA providers. IFAs provide around 75% of the company’s long-term savings business.
- Norwich Union has strategic alliances with over 20 building societies and other leading UK brand names including Tesco Personal Finance and The Royal Bank of Scotland Group.
- Norwich Union’s news releases are available on this internet site
- A selection of images is available from the CGNU Newscast site at www.newscast.co.uk
- An ISDN facility is available for studio quality interviews. Call the press office on 08703 66 68 68
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