Just 62% of adults aged 55+ have set aside funds for retirement travel
Legal & General’s survey, involving 2,000 UK adults aged 55 and over, has shed light on the travel habits and aspirations of retirees across the country. The findings reveal a mix of plans, dreams, and challenges faced by those embarking on post-work travel adventures.
The survey shows that only 55% of adults have the confidence to travel solo in retirement, highlighting potential apprehensions- particularly among women. Whilst 68% of men feel confident to solo travel in retirement, just 43% of women do.
Among those who have already entered retirement, 65% said they were able to spend more time with loved ones, while 60% had the chance to relax from their regular routines. Just over half (52%) noted that they had created meaningful experiences and memories during their retirement travels, underscoring the emotional value of such journeys.
In terms of financial planning, 62% of retirees have put aside funds specifically for travel during their retirement years, ensuring they can fulfil their travel ambitions. When it comes to choosing a destination, cost is the most important consideration, with 61% of respondents prioritising overall expenses over factors such as warm weather (55%) or affordable accommodation (50%).
The survey also highlights that financial cautiousness plays a major role in retirement travel planning, with 59% of those intending to travel carefully managing their finances. This is most pronounced in Belfast, where 67% of respondents reported financial caution, compared to only 50% in Leeds.
When examining travel personas, the survey found that women were more likely to identify as ‘budgeters,’ with 18% of female retirees falling into this category, compared to just 13% of their male counterparts.
The findings reflect the balancing act many retirees face as they navigate both financial constraints and the desire to make the most of their post-work years.
Lorna Shah, Managing Director, Legal & General Retail Retirement and CEO of Legal & General Home Finance:
“Planning for retirement is crucial not only for maintaining financial stability but also for enabling a fulfilling and enjoyable post-work life.
“As people phase into retirement, having a well-thought-out financial plan can make a significant difference. It provides the freedom to pursue long-held dreams, such as travelling to new destinations or engaging in much loved hobbies.
“At Legal & General, we have a range of different planning tools to help you financially prepare for your retirement such as the Retirement and Pension Income Calculator and a downloadable budget planner to see if your retirement plans are on track.”
