Pensioners consider moving abroad to cut costs this winter

There are signs that UK pensioners fear increasing costs will affect their standard of living and are considering moving overseas according to currency exchange specialist FC Exchange.

The recent announcement by E.on and Scottish and Southern that gas prices will increase by over 25 percent and electricity prices by over 15 percent, has led to a surge in the numbers of pensioners making enquiries with FC Exchange about emigrating to warmer climes.

Nick Fullerton, MD for FC Exchange, said: “The rising cost of food and energy over the last six months, together with darker longer winters we experience in the UK, has led many pensioners to make enquiries about moving overseas.

“In recent months we have seen the numbers of customers over the age of 60 that want to find out more about moving overseas grow by over 60% percent. Portugal, Cyprus and even Spain are the most popular destinations that we are receiving enquiries about - locations that offer a high standard of living and a sought after climate.

“Even though the cost of petrol, gas and electricity in these locations is not vastly different from those in the UK at the moment, the climate in these countries mean that homes need to be heated and lit for fewer months of the year creating the opportunity for large savings to be made.

“Despite the weakness of Sterling against the Euro people can still make savings by moving to the right location and more people are trying to find out if they would be better off quitting the UK.”

The Organisation for Economic Co-operation and Development’s (OECD) figures released in July revealed the cost of living index in the UK is rising by 9.5 percent. Its survey also showed that shoppers are paying 4.9 percent more for their weekly groceries compared to a year ago – nearly twice the European average and five times more than in France.

In the past month both Centrica and EDF have raised energy prices. Only RWE npower and Scottish Power have yet to announce second raft of price rises this year.