Over 70 per cent in the UK happy with their decision to retire abroad

Seven out of 10 people who retired abroad are happy with their decision, with many claiming to be happier than in the UK, a survey indicated yesterday.

Around 71 per cent of pensioners who live abroad said they thought they made the right decision, with 58 per cent saying the experience was better than they expected, according to NatWest International Personal Banking.

One in four retired expats said their quality of life was excellent, while 67 per cent said they thought they were happier than they would have been in the UK.

Despite reports that many pensioners who retired abroad are suffering a drop in their income due to the weakness of sterling, 37 per cent think their financial position improved since they moved abroad.

Nine out of 10 retired expats own their home outright, while 38 per cent described themselves as being reasonably well off and 47 per cent said they were able to live within their means.

The research divided expats into two groups, namely people who retired abroad after working overseas, and those who spent their working lives in the UK but decided to move abroad as pensioners.

The latter group are more likely to live in Western Europe, particularly Spain, France and Portugal, while those who previously worked abroad are spread throughout the world, with high numbers living in Australia, New Zealand, Canada, South Africa and the US.

The group found that people who worked in their chosen country before retiring were far more likely to have ruled out returning to the UK than those who had not previously lived overseas at 91 per cent.

This compares with 16 per cent of people who only moved abroad after they retired who think they will return to the UK and 19 per cent who said they had not yet decided.

Dave Isley, head of NatWest International Personal Banking, said: “Our latest UK expatriate study has revealed that retiring abroad is still very much a popular choice and expats are happy with their chosen life paths.

“It’s encouraging to see that the majority of expats believe they made the right decision in retiring abroad and are living their chosen dream.”

The Centre for Future Studies questioned 633 retired expats during October and November last year.