Posted on 14 February 2011
The over 55’s swap work for sun and fun
Baby Boomers of the fifties are shunning a pipe and slippers retirement and looking towards a more sun and fun-filled time, according to research by Bradford & Bingley.
The study found that the post-war generation is focused on fulfilling some of their unresolved travel ambitions. Almost half (48%) of the over 55s surveyed revealed a desire to have travelled more, with nearly one in five (18%) wishing they had lived or worked abroad.
Many are now making up for lost time. The over 50s now represent a third (35%) of all trips abroad¹, showing theres no stopping globetrotting grandparents or restless retirees. For others, the travel bug is more permanent, with the overseas exodus growing year on year. Currently, of those owning a property abroad, almost six in ten (57%) are over 55² – Bradford & Bingley anticipates this figure to keep on growing as more Baby Boomers take the opportunity to make the most of their retirement.
Many of the over 55s surveyed have a few regrets though. Almost four in ten (37%) wished they had started saving earlier, 33% wished they had invested money in property and 27% wished they’d started a pension earlier.
When asked what they would like to change, if given the opportunity, 18% said their finances, 17% their health and 9% said their main relationship.
Paul Whitlock, head of savings at Bradford & Bingley, said: “It appears many over 55s do have something they regret, but in most cases it is not too late to do something about it. Putting money aside and making it work for them means they are one step closer to realising their dreams, whether this be travel to exciting destinations or making a more permanent move abroad.
“Our What If ?” savings account has been designed to help people prepare for that once in a lifetime opportunity, enabling people to grow their savings and allowing them to react immediately if they decided to make a lifestyle change or enjoy that one-off event they have always dreamed of.”