UK pensioners planning holiday spending sprees

Surveys show that pensioners 'consider’ holidays as UK pension pots are liberated 

ABTA:

MORE than a third of 55-75-year-olds thinking of dipping into their pension pot would consider spending some of it on a holiday or travel, according to research by the Association of British Travel Agents (ABTA).

The findings come amid reports that travel companies are gearing up for over-55s to spend thousands of pounds from their retirement pots on multi-generational cruises and long haul flights as billions of pounds of money tied up is made available under changes to pension regulations affective from April 6.

One in five of those eligible would consider taking cash out of their pension, and a further 15% were undecided, the ABTA poll found.

Taking a holiday was the most popular option for a spending spree, followed by home improvements and paying off existing debts.

Europe was the most popular destination for those planning to spend some money on a holiday, followed by North America, Australasia, Asia, Africa, and South America. 

Fred Olsen Cruise Lines:

UK pensioners are planning holiday spending sprees with more than three quarters of older people in Britain plan to spend up to £10,000 each on a travel experience thanks to windfalls coming from relaxed pension rules, a study by Fred Olsen Cruise Lines shows. A further 20% are prepared to spend up to £20,000 per person.

It is estimated that about 18 million people aged over 55 will have gain access to up to 25% of their pension – tax-free – for the first time from this month (April). A further 320,000 people will become eligible every year.

As much as £6 billion could be spent within the first three months after April, with the main discretionary spend predicted to be on holidays.

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Seniors holidaying dangerously

A SURVEY involving more than 11,000 UK holidaymakers has found the vacation habits of the over-50s have changed dramatically in the past decade.

50-plus travellers are becoming more adventurous, according to the Saga survey.

More than one quarter of respondents predict their holiday habits will change in the future and this is most notable amongst 50-59 year olds.

‘As people approach retirement, they can start to think more about how they will spend their free time,’ said Saga Travel’s Louis Myers. ‘Who wouldn’t want to spend that time abroad and seeing the world? With more disposable incomes and a thirst for adventure, taking holidays off the beaten track and experiencing different cultures is an enticing way to enjoy your retirement.

‘We see more over-50s opting for adventures in the Borneo rainforest, or following the Silk Routes in Uzbekistan, rather than taking a week in Eastbourne – as lovely as it is.’

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Picture Credit: "Eldre, Karen Beate Nosterud - norden.org" by Karen Beate Nøsterud -/norden.org. via Wikimedia Commons; "Rainforest understory in Lambir Hills National Park" by Mike Shanahan (Own work)  via Wikimedia Commons

Ibiza aims to stretch season

IBIZA is hoping new British Airways flights and niche offerings will extend its tourism season past the summer months.

The Spanish island has already seen a boost during the off-peak ‘shoulder season’ months after some tour operators started services in April this year instead of May or June. But with British Airways planning five flights a week from London City year round and new resort developments, the island hopes to increase tourist numbers in the spring and autumn.

‘We want to see an increase in visits during the shoulder season and show that Ibiza is not just about the beach and nightlife,’ says Carmen Ferrer, Minister of Tourism for Ibiza. ‘The 50+ market is particularly a sector we hope to attract.’

Arrivals in Ibiza increased by eight percent in September with UK numbers up by five percent. British visitors account for more than 25 percent of the island’s tourist numbers.

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Picture Credit:From Top: "Cala Bassa (Ibiza) (190295961)" by Eduardo Pitt via Wikimedia Commons; "Ibiza night" by Vwpolonia75 (Jens K. Müller) via Wikimedia Commons