With 71% of workers believing they’ll be worse-off in retirement moving to France could be just what the doctor ordered
The 2012 Retirement Readiness Survey from the leading provider of retirement security, AEGON has discovered there is widespread pessimism about the future state of retirement with 71% of current workers believing that future generations will be worse-off in retirement than current retirees.
The international survey of 9000 respondents in nine countries – France, Germany, Hungary, the Netherlands, Poland, Spain, Sweden, the United Kingdom and the United States was developed to measure how prepared people feel about their own retirement in the various global nations. The findings highlight that more than 70% believe that they are now responsible for saving for their own retirement but relatively few (15%) actually believe that they are on course to reach the retirement income they need.
While the prevailing attitudes toward retirement and the levels of financial readiness among the current working generation in Europe and the United States appears a little bleak it seems that current retirees in Britain are faring well with The Institute for Fiscal Studies (IFS) recently highlighting that pensioner incomes have risen by 29.4% since 1999 compared to just 26% for working people.
Danny Silver, expert in French real estate and MD of ‘active living’ resorts for over 50’s The Villages Group, France comments,
“It’s positive to hear that more people acknowledge their responsibility for ensuring that they cater for a secure retirement but it’s still rather sad that they feel they’ll be worse off once retirement hits. With people living longer and decreasing government funding there needs to be a real shakeup in pension structures across Europe and the UK.
“In the here and now however, UK pensioners are richer today than they have been in the past 15 years according to the IFS. Free TV licenses, winter fuel allowances and free transport as well as income tax reductions highlight just some of the benefits. In spite of being ‘richer’ however there’s no getting away from the fact that Britain is one of the loneliest places in Europe in which to grow old as discovered by charity WRVS, so a move to a nation that offers a better life such as France could be just what the doctor ordered.”
With this in mind, the OECD Better Life Index 2012 which compares well-being across a number of global countries, based on 11 topics in the areas of material living conditions and quality of life has revealed that in general; French people are more satisfied with their lives than the 72% OECD average. Indeed, 73% of people explained that they have more positive experiences in an average day (feelings of rest, pride in accomplishment) than negative ones (worry, sadness, boredom).
In terms of health, life expectancy in France is almost 81 years, higher than the OECD average of 80 years while on the housing front, 91% of people say they are satisfied with their current housing situation, higher than the OECD average of 87%.
Silver comments,
“The French way of life is second to none offering less expensive housing, a relaxed pace of life and cheaper living costs. The nation is completely respectful of the elderly and this is why we decided to develop our active living Villages for over 50’s here offering a range of amenities and services including a gym, indoor pools and entertainment but also a strong community of friends where it’ll impossible to feel alone.”
For those in their third age 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 to relocate. Chosen for its three C’s – climate, coast and countryside Languedoc is one of the most visited parts of south west France and as a result of Languedoc’s popularity, The Villages Group has decided to develop their first “active living” village community of 107 villas at the UNESCO World Heritage Site of Canal du Midi, one of Europe’s longest and widest canal systems.
For more information please contact The Villages Group on + 33 1 4007 8625, email villages@pdfparis.com or visit www.thevillagesgroup.com.