The financial crisis could prompt an over-50s exodus.
Many of Britain's pre-retirees are considering moving overseas to escape the looming recession, new research shows. According to the insurance company RIAS, more than 400,000 over-50s are planning to emigrate to improve their financial position.
The firm points out that over the coming year, house prices are expected to fall even further than they have during the last 12 months, while unemployment is predicted to rise by 25 percent and the economy is set to shrink by one percent.
As well as prompting 400,000 over-50s to pack their bags, this is causing a further one in ten people in this age group to seriously consider a move abroad, RIAS found.
Managing director Janet Connor said: "It can be difficult for people who have worked hard all their lives to face a financially restricted retirement here in the UK and the obvious draws of expat life are clear for all to see."
She explained that since countries such as Spain, France and Italy are expected to begin their own economic recovery during the second half of next year, they are likely to prove popular among those making the move.
The research comes as a survey carried out by AXA reveals that personal finances have overtaken immigration and terrorism as the top concern among the British people.
