Research for the Association of British Travel Agents (ABTA) has revealed that one in five (20 percent ) of 55-75 year olds would consider taking cash out of their pension pot with some saying that a dream holiday in the sun would be one of their priorities. Almost a million people in Britain can now access their pension nest-egg as part of new changes to the pension laws. Of those considering taking money out of their pension pot, over a third (35 percent) would spend some on a holiday or travel which is great news for Majorca which remains Britain´s most popular holiday spot. Taking a holiday was the most popular option to spend some of this money on among those surveyed, followed by home improvements (31 percent) and paying off existing debts (24 percent).
One in five (18 percent) also stated they would consider using pension money to help other family members. A few lucky family members may also benefit from a free holiday as 5 percent of those planning to spend on a holiday say that they would take adult family members with them and 9% would take family members with children.
For those planning to spend on a holiday, it appears that for many it will be no ordinary holiday. Six in ten (59 percent) plan to take a ‘holiday of a lifetime’ and over half (56 percent) said that they would spend more than usual on a holiday.
Survey respondents were most likely to be planning to spend £2-5000 on a holiday with over a third (37 percent) saying they would spend this amount, while 15 percent said they would spend between £5-10,000 and 5 percent said they would spend over £10,000; single people were twice as likely to consider spending over £10,000.
For people considering using pension funds for a holiday, a break of 7-14 days was the most popular option with half (48 percent) stating they would go away for this amount of time. Over a third (36 percent) would go away for 14-28 days and 14 percent would take an extended holiday of over a month, one in five (19 percent) people in a couple would take this option.
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