“It’s ok Mum, you can come and live with us.” No thanks! Only 3% of UK retirees want to live with their kids
Research conducted for HSBC’s latest Future of Retirement – Why Family Matters report (2011) has revealed that whilst the majority of Brits nearing retirement would like to live near their kids and grandchildren, only a very small minority would be happy to spend their twilight years actually living under the same roof as their offspring.
Whilst over half of women surveyed globally (56%) said that it was very important for them to be able to live near their family on reaching retirement, men were slightly less emphatic about the prospect with only 44% of them stating they would prefer to live near their children in their old age.
But it seems that close is close enough in the UK at least, as only 3% of the UK-based survey respondents said that they would like to actually live with their children or another family member, under the same roof, when they retire.
Danny Silver, international property expert and partner of The Villages Group, Canal du Midi, an active living resort for the over 50s nestled in the Languedoc-Roussillon region of South West France comments,
“Compared to other parts of the world such as Asia or southern Europe where multigenerational living is common, here in the UK we’re not so keen to adopt ‘Royale Family’ style living in our golden years. Indeed whilst being close to family and friends is important to many over 50’s, technological advances and indeed better transportation links enable more and more people to remain connected with their loved ones whilst being physically further away.”
Interestingly the HSBC survey also revealed that around half of all global respondents viewed retirement as an age with largely positive associations – a time of happiness, satisfaction and freedom. However, retirement also carries with it negative connotations, with one-third expressing fears about potential financial hardship with this fear much more pronounced among those rapidly nearing retirement age. Such worries have been brought to a head by the impact of the global financial crisis which has forced many adults to work well into their retirement.
But what constitutes a happy retirement? 70% said not having to worry about money but with 64% admitting to being concerned that they would not be able to cope financially in retirement, is moving in with the kids the only option left?
Mr Silver says no:
“Whilst preparing financially for your retirement is of course prudent, over 50’s shouldn’t feel trapped, there are choices out there for every budget. It is well known that retiring overseas, across the Channel in France for example, is cheaper due to the lower cost of living. Here at Canal du Midi, you can buy a detached eco-friendly, energy saving ´maison´ and live, with all expenses covered, for €35 per person per week. That’s considerably less than the UK state pension allowance!”
Situated in south west France just a couple of hours by air from the UK, The Villages Group will provide a community of 107 villas on the banks of the Canal du Midi. This village site will afford full on-site amenities including tennis courts, indoor pool, gymnasium and quality entertainment and cultural programmes, perfect for living an active and fulfilling life within a community of like-minded individuals.
For those thinking about a place to live a great life at an affordable price, the Languedoc-Roussillon region in France will make for a wonderful place for your retirement years. Don’t retire from something; have something to retire to.
For more information please contact The Villages Group on + 33 1 4007 8625, emailvillages@pdfparis.com or visit www.thevillagesgroup.com