Only 64% of Belfast retirees have set money aside to financially prepare for retirement

As summer draws to a close for many, retirees in Northern Ireland are just beginning their journeys, embracing the newfound freedom to travel. A recent survey by Legal & General, involving over 2,000 UK adults aged 55 and over, has shed light on the travel aspirations of retirees across the country, particularly in Northern Ireland.

The survey revealed that many retirees in Northern Ireland are cautious when it comes to solo travel. Only 57% expressed confidence in embarking on trips alone during their retirement. Despite this, the allure of exploring new destinations remains strong, with many Northern Irish retirees planning trips ranging from European city breaks to cruises.

Financial preparation plays a significant role in these travel plans. According to the survey, 64% of respondents in Northern Ireland have either set aside money for retirement or intend to do so. However, a small proportion (6%) admitted they have no plans for financially preparing for their retirement travels. The data also showed that 67% of Northern Irish retirees have carefully considered their finances for their post-work years, though 16% confessed they hadn’t given it much thought. Additionally, 14% of Belfast retirees revealed they had overspent on their retirement travel budget.

In terms of dream destinations, 32% of retirees in Belfast are planning a long weekend city break in Europe, while 30% are eyeing a cruise, and 27% are opting for a staycation within the UK. These trips reflect a mix of international exploration and local relaxation as retirees seek to make the most of their free time.

Interestingly, the survey also identified different types of travel personas among Belfast respondents. The majority (27%) described themselves as 'budgeters,' skilled at finding deals and staying within their financial means. Meanwhile, 25% of retirees characterised themselves as 'planners,' ensuring their trips are well-organised by booking flights, accommodation, and events well in advance.

These findings highlight how retirees in Northern Ireland are balancing their Wanderlust dreams with thoughtful financial planning, ensuring their adventures are both memorable and manageable.