British expatriates are enjoying life abroad and will not be returning home in the near future according to research that was published by Lloyds TSB International last week.
According to research that was completed by the bank last February, a massive 67% of expatriates who are currently living overseas have revealed that they plan to live outside of the UK indefinitely. However, further analysis that was published last week, indicates that even more, (69%), are actually planning on staying overseas for good, with this figure rising 13% (the equivalent to 850,000 Brits) on the previous year’s research findings.
What’s keeping the British abroad?
74% of the British expatriates who participated in the survey revealed that they were set on staying abroad because they enjoy a higher quality of life, 64% revealed that they were financially better off by living overseas and 52% said that their host country offered a lower cost of living than the UK. Also high on the agenda was safety, with 51% of those surveyed revealing that they felt safer overseas than they do at home.
Discussing the latest survey results, Tony Wilcox, Managing Director, Expatriate Banking told IFA Online why he believed expatriates are staying away: “From economic woes to August’s riots, the UK has faced a catalogue of bad news in recent months. Coupled with expats’ view that the quality of life is higher and they are financially better-off abroad, it’s not surprising that so many have cancelled their plans to return to the UK.
“Considering longer-term trends, I think expats’ increasing happiness with life overseas also reflects that large groups of people in the UK are gradually becoming more outward-looking with increased global travel, more international business and many people generally coming into more contact with other cultures,” he said.
Tony Wilcox of Lloyds TSB said: “Expats have an enlightening view of the UK, having experienced life both home and away.
“So it is worrying that life in Britain appears so bleak when viewed through their eyes. I think their happiness with life overseas also reflects that large groups of people in the UK are gradually becoming more outward-looking with increased global travel, more international business and generally coming into contact with other cultures.
“It has become easier and a more natural transition than it would have been 20, even ten, years ago.”
The results of the research were based on an online survey of 1,034 British expatriates across the top ten expatriate destinations (Australia, Spain, USA, Canada, France, New Zealand, South Africa, Germany, UAE, Hong Kong). The respondents were considered to be representative of the global spread of British expatriates.
Read the full article: http://www.lloydsbankinggroup.com/media/pdfs/LTSB/2011/241011Expats_cancel_UK_return.pdf