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Over 70 per cent of Brits say better weather and cheaper living expenses are the most important factors in considering retiring abroad, new research shows.
International Currency Exchange researched factors which influence people's motivations for retiring abroad by polling over 1,000 Brits aged 40 and over.
Better weather topped the list of factors that would convince people to retire abroad, with 76 per cent rating it as either quite, or very important. It was closely followed by cheaper living expenses, ranked as important by 74 per cent, and value for money on property (68 per cent).
Top five factors ranked as important:
- Better weather (76 per cent)
- Cheaper living expenses (74 per cent)
- Value for money on property (68 per cent)
- Slower pace of life (60 per cent)
- Health (57 per cent)
With Britain, and London in particular, being one of the most expensive places to live in the world, it is no surprise that Brits choose to retire abroad.
Some of the most popular relocation destinations such as Lanzarote, Tenerife and Orlando, show a more than 89 per cent reduction in house prices compared to London, and an over 35 per cent reduction in transport costs.
Survey results show that saving money is even more important to Londoners, with 76 per cent saying that value for money in property was important.
Best value destinations for Brits retiring abroad:
Tenerife (Santa Cruz)
United States of America (Orlando)
ICE CEO Koko Sarkari says it's no surprise that better weather is a main motivator for Brits retiring abroad given the cold and damp winters we experience in the UK, but the economics of heading for a retirement in the sun can also really work in your favour, and receiving a good exchange rate can be vital in ensuring that you can make the most of your money.
'Value for money on property and cheaper living expenses were both high on the list as factors that would convince people to spend their retirement in the sun. Property prices in Spain and Greece are very favourable in comparison to the UK, and both offer the pace of life and weather the results show we obviously crave in our retirement.'
For International Currency Exchange’s full guide to the best places to retire abroad click here.