As British over 55’s experience financial difficulty, French “villages” provide a viable alternative
In spite of the typical monthly income of British over-55s having risen by 4% since the start of the year, increasing from £1,303 (Q1 2012) to £1,361 (Q2 2012) it seems that some age groups are still experiencing financial difficulty with many 55-64 and over 75 year olds enduring a decline in savings according to Aviva’s Real Retirement Report July 2012.
Since February 2010, over 75 year olds have seen their savings pots reduce from £22,500 (Q2 2010) to just £12,998 (Q2 2012) while the worst hit group – British 55-64 have seen their savings decline from £11,176 (Q2 2010) to just £9,373 (Q2 2012) as they struggle to keep up with day to day living costs.
Further data from Aviva has shown that the typical amount put away each month by all over-55s has fallen over the last quarter from £39.97 (Q1 2012) to just £31.05 (Q2 2012) with the majority spending their income on housing (22%) and debt repayments (15%) while a mere 14% is spent on food.
Danny Silver, expert in French real estate and MD of The Villages Group, comments,
“It is clear that certain groups are finding it difficult to cope financially with debts 31% higher than this time last year, however as incomes increase there is hope that many will be able to boost their savings. Indeed, 61% of British 55-64-year-olds are still working but if there’s any hope for a relaxing retirement they will really need to really knuckle down and save for their future.
“Another point to remember is that there are 1.45 million UK retirees currently claiming housing support, which costs the state £5.3bn each year. The Strategic Society Centre (SSC) has predicted a 138% increase in the number of pensioners claiming housing benefit by 2060 meaning that the UK is going to be left with a very large bill. With this in mind and with UK over 55’s struggling to cope financially it is no surprise that innovative “active living” Villages already popular in Australia, Scandinavia, the US and New Zealand are providing a viable alternative to this dilemma.”
As more and more people looking to move abroad for their golden years, seeking lower living costs and a better quality of life, France remains one of the most popular destinations affording a wonderfully warm climate, relaxed lifestyle, stunning natural beauty and easy access to the UK.
For those in their third age contemplating a move overseas, the Languedoc-Roussillon region in France will make for a wonderful place to relocate. Chosen for its three C’s – climate, coast and countryside as well as being one of the best places in the world to go canal boating, 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 resort ‘village’ for those over 50 to enjoy at the UNESCO World Heritage Site of Canal du Midi, one of Europe’s longest and widest canal systems.
The Villages Group will provide a village community of around 107 villas on the banks of the Canal du Midi. This village site will afford full on-site amenities including tennis courts, indoor pool, gymnasium and quality entertainment programmes, perfect for living an active and fulfilling life within a community of like-minded individuals.
For more information please contact The Villages Group on + 33 1 4007 8625, email villages@pdfparis.com or visit www.thevillagesgroup.com.