Greece as the Top Choice for UK Retirees

23.05.2023

Survey Finds Greece as the Top Choice for UK Retirees Seeking Affordable Relocation

Portugal follows on 2nd place

According to a recent survey conducted by British insurance company REASSURED, Greece has emerged as the most affordable destination for UK retirees looking to relocate after their retirement. The survey, aimed at identifying cost-effective options for pensioners safeguarding their savings, ranked Greece as the number one choice among 100 countries.

The study highlighted the high cost of living in the United Kingdom as a primary driver for many Britons considering a move abroad after retirement. To determine the affordability of various destinations, REASSURED analyzed six key parameters typically taken into account by retirees contemplating an overseas relocation. These factors included annual sunshine levels, average life expectancy, cost of living index, average accommodation costs, average transportation expenses, and the percentage of the population aged over 65.

Following Greece in the rankings, Portugal secured the second spot as the second most affordable country for UK retirees, scoring a total of 6.712. Malta claimed the third position with a score of 6.689, followed by Italy in fourth place (score: 6.482) and Spain in fifth (score: 6.467). Cuba, Cyprus, Japan, Albania, and Puerto Rico completed the top ten list of affordable retirement destinations.

Greece's top ranking was attributed to several favorable factors. With a total score of 6.806, Greece boasted an average life expectancy of 81 years (ranking fifth in this category) and a population over 65 constituting 23% (shared with Portugal, placing them in second position). The country also offered approximately 2,773 hours of annual sunshine (ranking ninth), and an average cost of living around 347 euros, making it the second cheapest country among the top ten, after Albania. The cost of living index for Greece stood at 54.6 (sixth place), while the average transportation cost was around 30 euros, securing Greece the sixth position in this category among the top ten.

Conversely, Bulgaria, Romania, Morocco, and Algeria ranked lowest in terms of life expectancy and percentage of the population over 65, with a mere 6%. Algeria also exhibited the lowest average cost of living (approximately 98.5 euros), the lowest cost of living index (27.6), and the lowest average transportation cost (around 8.1 euros).

Overall, the survey sheds light on the increasing number of UK retirees seeking affordable retirement destinations abroad. Greece's top ranking in terms of affordability makes it an enticing option for those looking to stretch their savings while enjoying a pleasant climate and a rich cultural heritage.