By the time they retire, the British have definitely had enough of their homeland – and those adventurous enough to skip Europe are picking Thailand, according to a survey by Alliance & Leicester International.
Only 13% of the British intend to spend their retirement in their homeland. The rest are fleeing the UK for quality of life – the main factor for 21% of respondents – followed by better weather (20%) and value for money (14%), said the bank.
On the other hand, the biggest worries over retirement are medical care (22%), exchange rates (13%) and having enough cash to get by (12%).
While 57% of Brits plan to stick in Europe to be close to family, the more adventurous looked to Thailand (5%), the US (4%) and New Zealand (3%).
Lynette Byrne, Head of Marketing at Alliance & Leicester International, said the survey highlighted the issue in retirement of protecting savings from interest rate fluctuations.
Expats who bank with Alliance & Leicester can put savings in sterling, dollar and euro accounts where they can access best-buy rates and be shielded from currency fluctuations, she added.
A trawl of Thailand’s expat websites suggests that British pensioners are finding their desired lifestyle. Golf emerges as a prime motivator for relocating – although a forum for expats in Phuket adds that ‘one of the important factors for a long life after finishing work is an active sex life…’
Contributors to a forum at www.phuket-info.com on retirement in Thailand recommend 40,000 baht (£730/€800/$1,200) or as the minimum monthly income for a comfortable lifestyle.
For Terry Collins, who set up the Vineyard development in Pattaya, the Land of Smiles delivers on its promises for older expats.
‘In terms of the weather and cost of living it is hard to think of anything that comes close,’ he says.
‘You can start off a completely new life. You can live a millionaire lifestyle without that level of income. On top, you get the safety net of world-class health care.’