NEWSFLASHES

The Grass is Greener for Britons Abroad

Nine out of 10 British expatriates believe they enjoy a better quality of life abroad according to the third annual NatWest International Personal Banking (NatWest IPB) Quality of Life Report. According to the report, when it comes to living and working overseas the advantages come thick and fast. Working hours are far less intensive and expats say they manage to achieve a better work/life balance with much more leisure time.

Eighty seven per cent rate their work/life balance as being excellent or good, and working environments are also rated highly - the majority (89 per cent ) say their working environment is excellent or good.
The feel good factor is further reinforced by analysis that reveals the vast majority of expats sampled over the past three years have achieved their ambition of a better quality of life and their experience has far exceeded their expectations (2008: 86 per cent , in 2010: 92 per cent ).

Scores across the 16 key life experience factors have increased overall. And in particular, the quality of accommodation score has improved by 0.9 to a median score of 4.6. (1 being poor and 5 being excellent).
A good indication of the level of satisfaction with the quality of life abroad is that the number of expats saying they will return to the UK at some point in the future has declined from 26 per cent  in 2008 to 19 per cent in 2010.
Professional expats can earn significantly more than their peers back home. On average, an expat professional's salary is up to £20,000 higher than their UK counterparts - a significant incentive to tempt many Brits abroad. 

Ninety two per cent reported a salary increase over the past three years (with a median increase of 13 per cent) - a far cry away for many Brits in the UK. The highest reported average salary increase was in Hong Kong (19 per cent), followed by UAE at 17 per cent and Spain at 14 per cent.

The majority of expats surveyed (68 per cent) say their top achievement when living oversees was ‘building a successful career' with 88 per cent rating their future career prospects as being either excellent or good.
And taking the plunge and living abroad needn't come with the financial insecurity many might fear. More than a quarter of expats (27 per cent) think of themselves as either very well off financially (10 per cent) or quite well off (17 per cent). The majority (63 per cent) declare themselves comfortable with their financial position.

The majority (59 per cent) of expats are confident they will be better off financially in five years time. However, those in Western Europe and the US are less confident.
But, quality of life isn't all about money - the countries with the highest reported earnings (Singapore; UAE; China and Hong Kong) are ranked at the bottom of the NatWest International Personal Banking Quality of Life Index. 

In this context, it is significant that only a very small percentage of expats living in these countries intend to retire in these countries (UAE 5 per cent, Singapore 4 per cent, China 3 per cent, Hong Kong 2 per cent).
The majority intend to return to the UK (China 84 per cent, Singapore 62 per cent, Hong Kong, 69 per cent, UAE 67 per cent).

"Our Quality of Life study incorporates expats' real life perceptions and experiences and gauges their personal assessment - satisfaction or dissatisfaction - with their circumstances abroad,” said Dave Isley, Head of NatWest International Personal Banking.
And, as our study shows, it seems the grass really is greener for Brits living abroad. The fact fewer expats say they will return to the UK in the future, compared to three years ago, proves the pace of life, work life balance and earning potential abroad means life as an expat is sunnier in more ways than one - and that they are weathering the financial storm. Believe it or not, there seems to be more to having and leading a fulfilled life than just money. British expats have built their lives abroad on solid foundations - with the climate, culture and leisure, healthcare and education all deemed more important than financial security or financial well being for them."

Source: Everyinvestor.co.uk
Date of publication: 7 May 2010
 

More news