- The number of expats planning to move back to the UK has dropped in the past six months
- Some 65 per cent of expats think their financial prospects are better abroad, against only 14 per cent who disagree
- Expat survey by Lloyds TSB International reveals growing aversion to UK lifestyle
With sunny skies abroad and fears of austerity at home, new figures from Lloyds TSB International show that many British expats are cancelling their plans to return to the UK. Some 67 per cent now say they have no plans to move back to Britain, a leap of 11 per cent in the last six months.
The Lloyds TSB International Expat Survey* reveals an overwhelming majority of expats (65 per cent) feel their financial prospects are better in their country of residence, while a meagre 14 per cent think their outlook would improve in Britain.
“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, ” said Jakob Pfaudler, Managing Director, Lloyds TSB International.
“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 we continue to find that lifestyle, not financial considerations, are the decisive factors in expats’ keenness to stay overseas. ”
Of the four per cent of expats who plan to return to the UK in the next year, only 12 per cent are returning because they miss the UK lifestyle, and only 21 per cent are moving back for their career.
Jakob said: “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 current account each year.
For more information about international banking, visit www.lloydstsb-offshore.com.
* Freshminds surveyed 867 expats online, 7-14 January 2011, for Lloyds TSB International.