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Survey shows Brit expats prefer their lives overseas
| Published: | 27 Sep at 6 PM |
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A recent survey involving 1,000 British expats suggests nostalgia for the home country has finally faded.
Results of a survey launched by an independent financial advisory firm include the fact that more than half of Britons living overseas feel their home country has changed for the worse, with only one third saying they’d return on a permanent basis at some time in the future. For some three- quarters of respondents, living overseas as an expat has had a profound effect on how they see their country of origin, with 44 per cent determined to live out their lives elsewhere in the world. However, over half of those who took part in the study considered the UK is still a major opportunity as regards property investment, even although just under 50 per cent feel negative about Britain’s future prospects.
As regards becoming expatriates in the first place, financial gains aren’t the major reason, with 41 per cent saying they’d decided to leave the UK in order to improve their lifestyles. Some 10 per cent wanted an adventure and nine per cent expatriated in order to join family members living in another host country. Unsurprisingly, Brexit is a major concern, with almost three quarters of respondents saying they had major concerns over its effect on the country and its economics as well as its sterling exchange rate. Also, one of the main reasons for emigration was the chance to experience a totally different culture.
Four out of every five respondents’ pension pots are not benefiting from employer contributions, mainly because workplace pensions are uncommon in many favourite expat destinations. Although this is hardly a major concern when accepting an overseas position, expats should be aware careful financial planning for retirement may well be necessary, especially for those who wish to stay overseas on a permanent basis. At the present moment, with uncertainty the only certainty, the final end to the Brexit chaos may well persuade even more British expats overseas to make their move permanent in order to avoid a huge disruption to their lifestyles.
Results of a survey launched by an independent financial advisory firm include the fact that more than half of Britons living overseas feel their home country has changed for the worse, with only one third saying they’d return on a permanent basis at some time in the future. For some three- quarters of respondents, living overseas as an expat has had a profound effect on how they see their country of origin, with 44 per cent determined to live out their lives elsewhere in the world. However, over half of those who took part in the study considered the UK is still a major opportunity as regards property investment, even although just under 50 per cent feel negative about Britain’s future prospects.
As regards becoming expatriates in the first place, financial gains aren’t the major reason, with 41 per cent saying they’d decided to leave the UK in order to improve their lifestyles. Some 10 per cent wanted an adventure and nine per cent expatriated in order to join family members living in another host country. Unsurprisingly, Brexit is a major concern, with almost three quarters of respondents saying they had major concerns over its effect on the country and its economics as well as its sterling exchange rate. Also, one of the main reasons for emigration was the chance to experience a totally different culture.
Four out of every five respondents’ pension pots are not benefiting from employer contributions, mainly because workplace pensions are uncommon in many favourite expat destinations. Although this is hardly a major concern when accepting an overseas position, expats should be aware careful financial planning for retirement may well be necessary, especially for those who wish to stay overseas on a permanent basis. At the present moment, with uncertainty the only certainty, the final end to the Brexit chaos may well persuade even more British expats overseas to make their move permanent in order to avoid a huge disruption to their lifestyles.
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