News

Pension spending to boost UK holidays

More than half of over 55s will spend their savings enjoying small breaks with their leisure vehicles

by Alice Scarsi

Freedom to Go survey finds over 55s prefer to spend their holiday breaks in the UK

More than half of over 55s will spend their savings by taking breaks in the UK, a poll has found.

The news comes by way of a survey conducted by Freedom to Go, which revealed people over the age 55 look to benefit from pension reforms that came into effect last week (6 April), allowing them to take a tax-free sum out of their pension pots.

Out of 1,000 respondents surveyed, 56 per cent would prefer to spend their savings going on holiday in the UK rather than abroad, with the UK allowing them the freedom to plan their own trips which, for 68 per cent of the interviewed, is a key benefit over taking a prescription package holiday or going on a cruise.

Rachel Piggot from Freedom to Go said of the findings: “It’s great to see that the over 55s with disposable cash and time are looking for adventure in the UK, a real shot in the arm for UK tourism – which is not surprising considering the natural beauty we have on our doorstep.”

Piggot continued, highlighting why taking a break in the UK is an ideal choice for many.

“With fuel duty freezes and lower tax on alcohol, pre-election budget announcements have made UK staycations more appealing than ever and holiday makers love the freedom a holiday in a campervan, caravan or motorhome offers, allowing you to make decisions for yourself and be the master of your adventure.”

Freedom to Go’s poll also revealed that 24 per cent of people over the age of 55 would consider buying a campervan, caravan or motorhome with their pension, to enhance their available leisure time and take small and long journeys on their doorstep more often.

“For those considering buying a consider buying a campervan, caravan or motorhome the continued low price of fuel compared with recent years mean that you can fill up and flock to the beach, countryside and coast knowing that you will have more money to treat yourself when you get there.

“With tax cuts on alcohol too, it means that a cheeky shandy after a lengthy stroll along canal paths will be a penny cheaper, saving the average ‘vanner even more cash!” Piggot said.

Sales of new touring caravans and new motorhome registrations surely demonstrate that more Brits are embracing the caravanning way of life. Amongst them, there are not only those of retirement age, but also young groups of friends and family that, in accordance with the spirit of the Freedom to Go campaign, are enjoying the benefits of exploring the great outdoors with the use of a leisure vehicle.

Piggot went on: “In recent years it’s not just the over 55’s that are buying into the lifestyle that owning a caravan or motorhome enables. Anecdotal evidence suggests that more, younger buyers with families have also entered the market too.”

Where will you be spending your next break? Let us know below.