Older People ‘Looking To Achieve Travel Dreams’
Topics: older, people, travelling, more, loan, credit, cards, finance, secured, personal, loan
The post-war generation are increasingly looking to make the most of their retirement, a new set of figures has revealed.
In research carried out by Bradford & Bingley, many people who are beginning to approach the retirement age are wishing that they had gone abroad more often. According to the company, nearly half (48 per cent) of those over the age of 55 claim to have wanted to travel abroad more often. Meanwhile, just under a fifth of consumers surveyed have revealed a desire to either live or work abroad.
However, findings from the company showed that such people are now taking the oppourtunity to go travelling, with the taking out of a cheap loan one possible way in which to fund such plans. According to the firm, the over-50s account for more than a third of all journeys made abroad by Britons, as “there’s no stopping globetrotting grandparents or restless retirees”.
Paul Whitlock, head of savings for the financial services firm, 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.”
In addition, the firm pointed to research revealing that the majority (57 per cent) of Britons owning property abroad are over the age of 55. And with Bradford & Bingley suggesting that this proportion could be set to increase even further as more people choose to live overseas every year, taking out a personal loan could well be one advisable way in which to meet the costs of making such a purchase.
The study also uncovered that a significant proportion of the over-55s have regrets about their current monetary standing. More than a third (37 per cent) state that they wish they had started saving earlier on in life - which in doing so could have seen many find themselves in a better position to meet demands for payment on personal loans, utililty bills and other sources of spending. Meanwhile, 27 per cent of those questioned expressed that they would have liked to have begun setting money aside for a pension scheme before they actually did so.
Consequently, 18 per cent of those surveyed reported that if they had the opportunity to go back in time and modify any aspect of their life it would be their finances. This compares to the 17 and nine per cent of respondents who pointed out that if they could change anything then it would be their health and main relationship respectively.
However, consumers of all ages have recently been warned that should they not lend enough time towards thinking about how they are to finance going abroad they could find themselves experiencing monetary difficulties. The news comes as research carried out by Lloyds TSB shows that young people struggle to manage spending while on holiday, as 32 per cent look to borrow cash from their friends and loved ones while a quarter of teenagers claim that they will phone home to get their parents to send them more money.
Philip Robinson, head of debit cards and travel services for Lloyds TSB, suggested: “Parents are understandably nervous about picking up the bill for their children’s fortnightly holiday excesses.” And with a fifth of teenage tourists taking up to 1,000 pounds away with them in spending money, it is possible that paying off their children’s debt may see mums and dads struggle to meet repayments on their own borrowing, for instance personal loans and credit cards.
Tom Dawson writes for Essentially Home Loans. Our visitors can apply online for secured personal loans and consolidation loans at the lowest interest rates. Visit our site www.essentiallyhomeloans.co.uk
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