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LONDON, ENGLAND, November 03, 2011 /24-7PressRelease/ -- Britons living overseas cancel their plans to return to the United Kingdom citing poor socio-economic indicators.
- Around 825,000 expats have cancelled their plans to return to the UK in last 12 months
- Sixty-nine per cent say they will stay abroad indefinitely - an increase of 13 per cent in a year
- Expats say UK is now 'more expensive, less safe and offers a lower quality of life'
Following continued concerns over the state of the UK economy and riots in August, a new report from Lloyds TSB International has emerged that reveals 15 per cent of British expats have decided to cancel their plans to return home over the last 12 months.
This figure equates to around 825,000 of the estimated 5.5 million British people who currently live overseas,* with some of the reasons cited for the change including the higher quality of life better abroad, as well as healthier finances and safer neighbourhoods.
Commissioned by the international bank, the research also found that expats are increasingly saying they have no plans to return to Britain at any time, with the proportion of expats saying they will stay away indefinitely leaping by 13 per cent over the last year to a staggering 69 per cent.
The study found that 74 per cent of expats believe there is a better quality of life to be had abroad, compared with the seven per cent who thought the UK offered a more preferable standard of living. Those claiming they were better off financially amounted to 64 per cent, compared to the 12 per cent who said this was the case when they are in the UK.
Commenting, Lloyds TSB's Expatriate Banking Managing Director Tony Wilcox said: "Expats have an enlightening view of the UK, having experienced life both home and away, so it's worrying that life in Britain appears so bleak when viewed through their eyes.
He added that the economic situation in Britain, added to news stories like the August riots had done nothing to help the current feeling about living in the UK. "Coupled with expats' view that the quality of life is higher and they are financially better-off abroad, it's not surprising that so many have cancelled their plans to return to the UK," he added.
Mr Wilcox concluded: "Considering longer-term trends, I think expats' increasing happiness with life overseas also reflects that large groups of people in the UK are gradually becoming more outward-looking with increased global travel, more international business and many people generally coming into more contact with other cultures. It has become easier and a more natural transition for some people to settle in and enjoy life overseas than it would have been 20, even ten, years ago."
Ultimately, 68 per cent say they are happier living abroad than they were in the UK and only 7 per cent say they are less happy overseas.
The survey also found expats believed their current place of residence was preferential when it came to raising children. In fact, 51 per cent said that they held this view against just 11 per cent who said they disagreed. It was noted that schools abroad are thought to be better, while neighbourhoods are also safer and have more activities and places to play for children.1 Finally, expats also cited an appreciation for the chance to have their kids learn another society, culture, and in some cases language.2
Notes to editors
All figures, unless otherwise stated, are from a survey of 1,034 British expats based in the 10 most popular expat destinations. Conducted by Freshminds, the survey uses a sample of expats from each country that is representative of the global spread of British expats. The survey was conducted online in September 2011. The countries involved are: Australia, Spain, USA, Canada, France, New Zealand, South Africa, Germany, UAE, Hong Kong.
* The Office for National Statistics estimates there are 5.5 million British people living abroad.
-1 51 per cent say their neighbourhood is now safer than when they were in the UK, 13 per cent disagree
- 28 per cent of respondents think schooling abroad is better, against 24 per cent who think it is better in the UK.
- 60 per cent of the majority that said where the live now is a better place to raise children said this was because there are more places to play and activities for children to do
2 51 per cent of those surveyed said their country of residence is a better place to raise children, against only 11 per cent who said it is worse. 46 per cent said a key reason for their country of residence being a better place to raise children is because it gives them a chance to experience another culture/society.
Lloyds TSB has opened over 20,000 international bank accounts in the last 12 months. The bank provides financial guidance and a checklist to help people emigrate at: www.lloydstsb-offshore.com.
Issued by Lloyds TSB Offshore Limited and Lloyds TSB Bank (Gibraltar) Limited. Lloyds TSB Offshore Limited registered office and principal place of business: PO Box 160, 25 New Street, St Helier, Jersey JE4 8RG. Registered in Jersey, no 4029.Regulated by the Jersey Financial Services Commission. The Isle of Man branch of Lloyds TSB Offshore Limited is licensed by the Isle of Man Financial Supervision Commission and registered with the Insurance and Pensions Authority in respect of General Business. Business Address: PO Box 111, Peveril Buildings, Peveril Square, Douglas, Isle of Man IM99 1JJ.
For further information on Lloyds TSB International, please contact:
Richard Janes, Lloyds Banking Group - press office
Tel: +44 (0) 207 356 2075
Colleen Brayshaw, Grayling (on behalf of Lloyds TSB International)
Tel: +44 (0)20 7932 1872
Mob: +44 (0)7946 794 223
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