Only 42% of Welsh retirees have the confidence to solo travel in retirement
In a survey of over 2,000 UK adults aged 55 and over, Legal & General uncovered the travel dreams of retirees across the UK – including those who are planning and have already travelled in retirement.
The survey highlighted the travel ambitions and financial considerations of Welsh adults aged 55 and over as they approach or enjoy retirement. While 79% of older adults feel confident about travelling during retirement, only 42% expressed confidence in travelling solo, suggesting a preference for shared experiences.
The survey revealed that 69% of Welsh retirees plan to travel with their partner, making it the most popular choice of travel companion. Friends were the second most common choice, with 36% of respondents expressing a desire to travel with them. Meanwhile, 19% said they would travel with their children, and 10% plan to take trips with their grandchildren.
When it comes to financial planning for retirement travel, 64% of Welsh respondents have set or plan to set money aside. However, 15% admitted they have not made or do not intend to make financial preparations for their trips, reflecting differing levels of readiness for post-work adventures.
The survey also found that 59% of Welsh retirees have carefully considered or are planning to carefully consider their finances before embarking on retirement travel. This highlights a growing awareness of the importance of budgeting for retirement journeys.
Many Welsh retirees are also prioritising personal wellbeing and emotional fulfilment. Nearly half (49%) of those surveyed said they plan to focus on improving their mental wellbeing during retirement, while 54% aim to create meaningful experiences and good memories. Another 54% expressed a desire to spend quality time with loved ones during their retirement years.
The findings provide insight into the goals and preparations of Welsh retirees, as they look forward to balancing relaxation, connection, and adventure in their post-working life.
Lorna Shah, Managing Director, Legal & General Retail Retirement and CEO of Legal & General Home Finance:
“Planning for retirement is crucial not only for maintaining financial stability but also for enabling a fulfilling and enjoyable post-work life.
“As people phase into retirement, having a well-thought-out financial plan can make a significant difference. It provides the freedom to pursue long-held dreams, such as travelling to new destinations or engaging in much loved hobbies.
“At Legal & General, we have a range of different planning tools to help you financially prepare for your retirement such as the Retirement and Pension Income Calculator and a downloadable budget planner to see if your retirement plans are on track.”