A new study by global tech company Wise has found that 27 per cent of Irish people are “very likely” to retire abroad, reports Breaking News.
A survey of 1,000 working adults (aged 55+) in Ireland planning to retire in the near future revealed that a third (31 per cent) of Irish people dream of retiring in a better climate. Meanwhile, 27 percent are looking for somewhere to get more for their money as the cost of living around the world continues to rise.
When asked where they dream of retiring, Portugal (11%) scored the highest, followed by the UK (10%), Spain (8%), the US (7%) and Germany (6%). Around 8 per cent of respondents expect to retire in a regional location in Ireland, reports Breaking News.
However, retiring abroad comes with some financial problems. One in five (20 percent) of respondents fear they won’t have enough money for their desired retirement, and 19 percent worry about managing their money if they retire abroad. Another 42 per cent fear they will not be able to access their Irish bank accounts.
As a result, the Irish are changing the way they bank. More than half (57 percent) are willing to use an app-based provider if it helps manage money internationally. However, 55 per cent would still use the card in Ireland, exposing themselves to expensive exchange rates and hidden fees.
“Luckily, there are options out there for retirees looking for ways to manage their money. For instance, the Wise card allows customers to spend in over 40 currencies, including Euros, pounds and dollars, across more than 150 countries, all at the real exchange rate and with no hidden fees – perfect for somebody retiring abroad,” the company said, reports Breaking News.
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