Although most Britons nearing retirement prefer to live close to their children, very few would like to spend their twilight years living in the same house with them, according to a recent HSBC report.
Globally, 56 percent of women surveyed said they would be happy to live near their family upon retirement, while it was 44 percent for men.
But in the UK, living within close proximity doesn’t equate to living under the same roof as only three percent of respondents from the country said they would like to live with their children in the same house upon retirement.
“Compared to other parts of the world such as Asia or southern Europe where multigenerational living is common, here in the UK we’re not so keen to adopt ‘Royale Family’ style living in our golden years,” said property expert Danny Silver.
Moreover, 70 percent of respondents were worried about not having enough money in their later years. This concern was underscored by the 2008 global financial crisis which forced many to work well into their retirement.
“Whilst preparing financially for your retirement is of course prudent, over 50’s shouldn’t feel trapped, there are choices out there for every budget,” noted Silver, who is also a partner of The Villages Group, the developer behind a resort for the over 50s in Canal du Midi, a UNESCO World Heritage Site in South West France.
Retirees can purchase a detached eco-friendly ‘maison’ at the village and live there with all expenses covered for just €35 (S$57) per person per week. Featuring 107 villas, the development will have on-site amenities such as tennis courts, an indoor pool and gymnasium.
Image: Artist’s impression of the village site at Canal du Midi, France
Romesh Navaratnarajah, Senior Editor of PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
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