International money transfers to get expat boost

Most current expats expect to emigrate when they retire, new analysis from Alliance & Leicester International (ALIL) has shown.

Money transfer use could be increased due to the fact that only 13 per cent of UK expats will retire in Britain.

ALIL also said that 18 per cent intend to retire in France and 13 per cent plan to go to Spain - contributing to the 57 per cent who will retire in Europe.

Some of those planning to emigrate when they retire could also change their minds, as ten per cent said that family and friends represented a "major barrier" to making the move.

Lynette Byrne, head of marketing at Alliance & Leicester International, commented: "While some Expats might prefer life outside the UK, they are still very attached to friends and family thus settling in European destinations that are only a low cost flight away.

"This research really highlights the international nature of society today and raises some interesting questions as to how people are going to manage their finances and protect their savings against interest rate fluctuations."

When asked how they would fund their retirement, 27 per cent cited savings, 23 per cent the UK state pension and 20 per cent private pensions.

Posted by Tom Papworth