Pension Reforms Spark Travel Boom
Recent changes in pension rules means that over 55s can now access a proportion of their savings pot, and an overwhelming proportion are planning to spend their money on holidays.
According to a recent survey by ABTA (the Association of British Travel Agents), 35% of 55-75 year olds are considering dipping into their pension pot to treat themselves to a holiday. The research found that travel was the most popular option to splurge on, followed by home enhancements (31%) and paying debts (24%).
56% would spend more on a holiday if they could access funds from their pension, with the majority (37%) of respondents planning to spend between £2,000-£5,000. 15% said they would spend between £5,000-£10,000 and a lucky 5% would spend £10,000 or more.
When quizzed about the type of holiday they would purchase, 59% said they would use the money to take a once in a lifetime trip, with 24% of individuals and 32% of couples saying they would book a cruise holiday.
48% would book a 7-14 day holiday using their savings, 36% would travel for 14-28 days, and 14% would take an extended break and travel for over a month.
41% would travel to Europe, followed by 22% to North America, 17% to Australia, 10% to Asia, 7% to Africa and 6% to South America.
If you’re planning a once in a lifetime cruise holiday, don’t forget to invest in specialist travel insurance to protect yourself and your trip against a holiday disaster. Visit Holidaysafe.co.uk for more information. 6
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