We continue to find that lifestyle - not financial considerations - are the decisive factors in expats’ keenness to stay overseas.
(PRWEB) March 25, 2011
- Percentage of expats planning to return to Britain drops over the last six months
- Around 65 per cent of expats say their financial prospects are better abroad, while only 14 per cent disagree
- Lloyds TSB International survey shows there is a growing aversion to the ‘UK lifestyle’
With fears of greater austerity in Britain and the temptation of sunny skies abroad, a new survey put together by Lloyds TSB International in February has revealed many expats from the UK are cancelling plans to make the move back to their home territories. The research has revealed that 67 per cent say they now have no intention of coming move back to the UK – an 11 per cent leap over the last six months.
The overwhelming majority of expats (65 per cent) responded to the Lloyds TSB International Expat Survey* by saying that they felt their money had better prospects in the country they were living and only 14 per cent said they could see their financial outlook improving with a move back to Britain.
Jakob Pfaudler, Managing Director of Lloyds TSB International, commented: “We knew that most people who move abroad are glad they did so, but we were surprised at the growing pessimism about financial prospects in the UK. Much has been made of ‘austerity Britain’ in the press and elsewhere, and it seems to begin to contribute to expats’ decisions to settle elsewhere for good.”
“But generally,” he added, “we continue to find that lifestyle - not financial considerations - are the decisive factors in expats’ keenness to stay overseas.”
While the research pointed out that four per cent of expats said they harboured plans to return to the Britain at some point over the next 12 months, only 12 per cent of these said they would be doing so because they missed the lifestyle they had left behind. Only 21 per cent of respondents who suggested they would move back said the reason was for their career.
Mr Pflauder concluded by saying: “It seems the key to contentment as an expat is emigrating to improve your lifestyle or to benefit your family. The research shows that career and financial considerations are important, but that many expats consider them the icing on the cake rather than the cake itself.”
Lloyds TSB International helps over 12,000 people set up a new international bank account and understand the process of moving abroad each year. The bank provides financial guidance and a checklist to help people emigrate at: http://www.lloydstsb-offshore.com/international-current-accounts.
Notes to editors:
*Freshminds surveyed 867 expats online, 7-14 January 2011, for Lloyds TSB International.
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