British pensioners are increasingly choosing a retirement home in an upmarket cathedral city or busy market town over the more traditional place by the seaside...so it’s no surprise Bury tops the list!
With St Edmundsbury Cathedral, plenty of shops, restaurants, theatre, cinema, open spaces and a hospital, our town ticks many boxes for those looking for somewhere to settle in later years.
A report by credit checking company Experian found that wealthier retirees are more likely to opt for Bury St Edmunds, St Albans or Salisbury, instead of more stereotypical seaside resorts traditionally favored by the UK’s pensioners.
Experian’s Richard Jenkings said of the wealthier pensioner groups: “In the past, people would go on holiday to the seaside and then a lucky few would then retire to those same resorts.
“Today we still see this happening, but a rising trend is for better-off retirees to move not to the traditional seaside resorts, but instead to pleasant, often historic, cathedral cities and quality market towns.
“Furthermore, our research shows that the elderly, affluent suburbanite is a now well established fixture in parts of the UK, particularly in the South East of England. These folks typically have significant amounts of disposable income and are looking to enjoy life to the full in their golden years.
Experian research also found that 68 per cent of over-55s see themselves as financially comfortable - with 78 per cent of these respondents being mortgage-free, and with 27 per cent having more than £100,000 in savings
However, 30% of the 2,000 over-55s surveyed said they did not regard themselves as financially comfortable - and of these, 22 per cent expect to be paying their current mortgage into their 70s or later.