I’m over 50 – get me out of here!

The prospect of living through a recession is driving more than 400,000 over 50s Brits to consider packing their bags and leaving the UK for good to improve their financial position, according to new research from RIAS, specialist insurer for the over 50s.

The interest rate may have been cut, and the Government is talking about lowering taxes, but it still looks like a large number of the pre- and post-retired whose confidence in the UK economy appears to have reached an all time low, are set to leave.

The recession may be global, but the European Commission is forecasting that Britain will be harder hit by the impending recession than any other leading European country, and will also take a lot longer to recover. It shouldn't be surprising, therefore, that more than 400,000 over 50s are at present planning their escape in the hope of finding a more financially comfortable life elsewhere.

The RIAS survey also revealed that given the UK's prospects - which are expected to include more falling house prices, falling living standards, an economy set to contract by a full 1 per cent and a 25% rise in unemployment predicted in 2009/10- more than 1 in 10 of the over 50s, in addition to the 400,000+ already planning to leave, are at present ‘seriously considering' emigrating in response to the economic downturn at home.

"It can be difficult for people who have worked hard all their lives to face a financially restricted retirement here in the UK," observes RIAS Managing Director Janet Connor, "and the obvious draws of expat life are clear for all to see: more often than not there is cheaper property, a better climate, and a lower cost of living as well as the considerable health benefits of a Mediterranean diet and pace of life. There is also the fact that the EC expects the economies of other mature EU countries like France and Spain and Italy to begin a gradual recovery as early as the second half of next year, so emigration becomes an even more attractive solution."