In many cases, Britons won't be able to go travelling when they retire - because of their lack of savings.
Increasing numbers of retirees are to find themselves unable to go travelling - thanks to their lack of savings.
A report from Scottish Widows, released today, shows that 49 percent of the working population are not putting enough money aside to enjoy a comfortable retirement, whether in workplace or private pensions, or savings accounts. Of those which are currently retired, a similar number (45 percent) have either gone travelling or are planning to - making it the single most popular activity among the age group.
The findings therefore suggest that the future retirees are not going to be able to go travelling to the same extent, with many being forced to stay at home and meet more essential costs.
Ian Naismith, head of pensions market development at Scottish Widows commented: "It is encouraging to see that so many people are enjoying themselves after they retire, but it is vital that people who are still working realise the difference between wanting a good retirement and actually planning for one. It's a shame that some people need to spend their hard earned savings on paying off a mortgage or clearing debts. Retirement should be about enjoying life."
He added: "If people take action now to start saving enough, then they will be able to make their retirement dreams and aspirations come true, avoiding what can be the reality of having to struggle to get by in later years."
Compare travel insurance via money.co.uk
