The pandemic triggered a monumental shift in lifestyle priorities and inspired a generation to pursue a taste of the good life. Craig Bates wants to join them.

Mr Bates, 48, currently lives with his wife in West Bromwich in the Midlands but dreams of a rural relocation.

He said: “The goal is to move to the Shetland Islands or north Wales, with less stressful employment for my wife and part-time employment for myself, hopefully within the next decade.”

The couple hope that the sale of their home, which they own without a mortgage, will cover their next purchase. It was valued in 2008 at £155,000, although they predict that it is now worth more.

Mr Bates has invested £3,250 in a stocks and shares Isa, which is invested in drugs giant GlaxoSmithKline, pub group JD Wetherspoon, utilities network National Grid and packaging firm Smurfit Kappa. He has £18,000 in cash savings.

He also has a substantial amount invested in cryptocurrency. The funds are predominantly in Ethereum, £26,000, and Bitcoin, £11,000, but he also has smaller amounts in Dogecoin, Ethereum 2 and Litecoin. Until recently his cryptocurrency holdings were valued at around £50,000. Since the invasion of Ukraine their value has dropped to just under £39,000.

The couple have a joint income of £52,000 and would like to “down-scale” work when they move. But their planning requires some attention.

Mr Bates has pensions worth around £47,000, but they are spread across four schemes. He also has a defined benefit scheme which will pay £2,284 a year when he reaches retirement age. His wife has £72,000 spread across five pension schemes .

“She also has another, which describes itself as a ‘defined pension’ but doesn’t give any specific values in its statements, and we have never really understood it,” Mr Bates  said.

“What are the best next steps for retirement planning? Should we opt out of certain schemes, merge them or keep them as they are?”