New Data From Wise Shows Irish People Plan To Retire Abroad and Reveals Top Destinations Are Portugal, The UK and Spain
- 27% of Irish respondents (aged 55+) revealed they plan to retire abroad, with Portugal, UK and Spain voted the top destinations
- In addition to the survey results, Wise has published a comparison of the top places for Irish people to retire abroad which can be found here
Dublin, Ireland, 11 July - New research by Wise, the global technology company building the best way to move and manage money, has found that 27% of Irish people are ‘very likely’ to retire abroad.
The research, which saw Censuswide poll 1,000 working adults (aged 55+) in Ireland who plan to retire in the near future, revealed that one third (31%) of Irish people dream of retiring to a better climate. Meanwhile, 27% seek a place where they will get more for their money, as cost of living concerns persist around the world.
When asked where they dream of retiring, Portugal (11%), the UK (10%), Spain (8%), the US (7%) and Germany (6%) scored the highest. Nearly 8% of respondents hope to retire to a regional location within Ireland.
Retiring abroad does, however, bring its own financial concerns. One in five (20%) respondents fear they don’t have enough money for the retirement they want, while 19% are concerned about managing their money if they retire overseas. Another 42% are concerned they won’t be able to access their Irish bank account.
As a result, Irish people are changing how they bank. Over half (57%) are happy to use an app-based provider if it makes managing money internationally easier. However, 55% would still use a card from Ireland, exposing them to costly exchange rates and hidden fees.
Luckily, there are options out there for retirees looking for ways to manage their money. For instance, the Wise card allows customers to spend in over 40 currencies, including Euros, pounds and dollars, across more than 150 countries, all at the real exchange rate and with no hidden fees - perfect for somebody retiring abroad.
What’s more, the company has provided a list of the 10 top overseas retirement destinations for Irish people who are thinking of retiring abroad. The list compares their cost of living, average temperature and property costs to Dublin, with Corfu, Fort Lauderdale and Montpellier all comparing favourably.
“Many of us dream of retiring abroad, ideally to a place with great weather and where our pension stretches further. And, with the cost of living ever-increasing, it’s unsurprising that so many Irish people are thinking about retiring overseas.
“Retiring abroad can be a complicated process, and it’s worth seeking advice, but some complications are unnecessary. Big banks rip off consumers with high markups and hidden fees, and their international services are painfully slow and unwieldy. This hurts when you’re on holiday, but it’s even worse when you’re planning to retire abroad and will likely travel regularly between your ‘new’ and ‘old’ homes.
“Enough is enough — financial providers can and should do better. We want to help those who are looking to retire abroad. By using Wise, retirees can avoid high, hidden fees and get a fair exchange rate. They can benefit too when sending money home to family in Ireland and when travelling the world.”