Pensioners more likely to travel the world than relax into retirement, market research finds

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1st October 2015 10:45 - Sport, Leisure and Tourism

According to the latest findings from pension scheme, Nest, the UK’s future pensioners are more likely to travel the world rather than relax Pensioners more likely to travel world than relax into retirement, market research findsthrough their retirement at home.

In the research report, Nest refers to current workers’ desire to explore the world and engage in fun activities during retirement as the “grey gap years”.

Of the survey’s respondents, 62 per cent said that they would like to go travelling or on a long string of holidays. A further 38 per cent would like to spend their retirement dining out and 45 per cent can see themselves taking up a hobby.

Other things the respondents would like to do during their retirement were relaxing/resting and treating their family. Of the respondents, less than 50 per cent said that they were especially looking forward to relaxing and 25 per cent said that they intend to treat their grandchildren.

Even though many workers had an idea how they would like to spend their retirement, 1 in 20 (or 5 per cent) doubt that they will ever be able to retire.

Head Member of Policy at Nest, Matthew Blakstad, said of the findings:

"Future retirees are setting their sights on living life to the full. It's fantastic that people are planning to carry on enjoying the things they love doing today in later life.

"Many of us regularly put aside some of our wages to fund our summer holidays. Financing how we want to spend our retirement needs the same kind of forward planning."

The research findings revealed that despite many people wanting to spend their retirement in the sun, more may need to be done to make sure that they are able to do so.

Of the respondents, approximately 50 per cent said that they don’t think that they are putting enough money away to live comfortably during their retirement and 22 per cent are not sure if they’re saving enough.

33 per cent of the workers said that they consider their workplace pension to be their main source of income for their retirement. On the other hand, 21 per cent said that the Government pension will be their main source of money during retirement.

Around 17 per cent of the participants said that they don’t know what their main source of income will be, with some individuals even relying on a lottery win or roulette to fund their retirement.

Private pension funds will provide 12 per cent with their income during retirement, whilst 9 per cent said that they will depend on personal savings.

Of the 2,000 people (of working age) in the Nest survey, the top five things people would like to do are:

1. Go travelling or on multiple holidays (62%)

2. Relax at home (49%)

3. Take up a hobby (45%)

4. Dine out regularly (38%)

5. Treat grandchildren (28%)

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