Lloyds TSB International Expat Survey 2010 reveals that:
- Two thirds of British expats believe that British banks are better than those available in their country of residence
- In comparison to other currencies, confidence in sterling is high with four times as many responders believing that sterling is stronger for their savings than the euro
- British expats maintain ties with the UK with 79% holding money in sterling and over half still holding a UK current account
Two thirds of expats believe that British banks are better than those available in their country of residence (62%). Furthermore when asked which services they still used a British provider for, 83% of the responses were financial services related including banking products, pensions and insurance. Very few respondents felt that they needed a British provider for other services for example legal (five per cent) or healthcare (five per cent) according to a new survey commissioned by Lloyds TSB International. Additionally despite almost 90% of respondents having been abroad for over five years, over half (55%) still maintain a UK current account and 80% still holding money in sterling.
Jakob Pfaudler, Managing Director of Lloyds TSB International, said: 'It's good to see confidence in the British banking system is returning. Britain's economy is showing continued signs of progress, with consumer confidence returning and businesses beginning to invest again. At the same time, the British banking system has returned to profitability, which will enable it to support and underpin the economic recovery.'
The survey of British expats, living in France, Hong Kong, Spain, South Africa, UAE and USA, also shows that confidence in sterling is high in comparison with other currencies, with four times (44% versus 11%) as many respondents believing that sterling is stronger than the euro for their savings. Only three per cent of those now living abroad cite weakness in sterling as a factor most likely to contribute to having to return home early.
Jakob Pfaudler continued, 'It is also reassuring to see that so many British expats are confident in the future of sterling which, after depreciating over the past few years, has stabilised as the economic recovery has taken hold and measures to improve the public finances have been laid out. In part their behaviour has been a reflection on what has occurred in the wider financial markets with the flight from more indebted economies.'
For further information on Lloyds TSB International, and offshore banking products and services, including easy ways to manage and move your money abroad, plus services and discounts specially tailored to the expat lifestyle, visit the Lloyds TSB International website: www.lloydstsb-offshore.com.
1. The survey was conducted online by FreshMinds with 412 expats of British nationality living in France, HK, Spain, South Africa, UAE and USA. Respondents were asked a series of demographic questions about their age, gender, income, and liquid assets. Additionally they were asked questions about their country of residence and their length of residence. FreshMinds has been commissioned to conduct biannual research with British expats to better understand their lifestyles, decisions, and relationship with the UK.