Legal & General’s recent survey among over 2,000 UK adults aged 55 and over, revealed that Spain tops the list of dream destinations for 57% of retirees in the North East. Italy follows as a close second (42%), while 30% of respondents expressed a desire to visit the USA.
The findings shed light on the region’s enthusiasm for travel, but also highlight certain hesitations, particularly when it comes to solo travel. Less than half (45%) of North East retirees said they feel confident travelling alone in retirement, suggesting a preference for travelling with partners or groups.
Financial Planning for Retirement Travel
Financial planning plays a crucial role in realising these travel dreams, with 63% of respondents from the North East reporting that they have set, or plan to set, money aside for their retirement travels. Interestingly, 20% of those surveyed said they have created an itinerary and will finalise their budget based on their travel plans. However, 18% admitted they had no financial plans in place for their trips, pointing to a divide in how retirees are preparing for their post-work adventures.
In terms of overall financial confidence, 59% of respondents believe they have carefully considered, or are in the process of considering, their finances when planning for retirement travel. Yet, 17% admitted they had given little thought to budgeting for their journeys.
Dream Trips and Travel Styles
When it comes to the type of trips North East retirees are planning, a UK-based long weekend trip leads the way, with 30% of respondents looking forward to a local getaway. A beach holiday was the second most popular choice, favoured by 28%, while 22% are keen on a long weekend city break in Europe.
The survey also revealed a variety of travel styles among retirees. A significant number (22%) described themselves as ‘planners’, preferring to book days out, flights, and accommodation in advance. Meanwhile, 20% said they were more ‘easy-going’, preferring to take a spontaneous approach and make decisions as they go.
Balancing Wanderlust and Practicality
Whether it’s a sun-soaked holiday in Spain, a cultural escape to Italy, or a weekend break in the UK, retirement offers the opportunity for many to fulfil their long-held travel dreams.
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.”