Six out of 10 Britons have vowed never to permanently move back to the UK, reveals a new survey by one of the world’s largest independent financial advisory and fintech organisations.
deVere Group’s poll finds that 62% said that they would never relocate back to Britain, 11% said they would consider it, whilst 27% said ‘maybe.’
Despite the majority of respondents saying they would not consider returning to Britain, the poll also found that 70% still regularly send money back to the UK and that 81% were able to save more in their overseas location.
The survey also shows that 44% relocated from the UK primarily for work/career reasons.
The 754 respondents who participated currently reside in Australia, New Zealand, the UAE, Oman, the Philippines, Thailand, Indonesia, China, Hong Kong, Italy, Switzerland, Spain, France, Portugal, Hungary, Germany, Mexico, Russia and Zimbabwe.
Nigel Green, founder and CEO of deVere Group, said of the findings: “It will surprise many observers that despite the global pandemic and rising economic, political and social tensions in many countries around the world, the ‘pull’ factors of overseas living far outweigh those of the UK.
“Indeed, the UK’s ‘push’ factors – such as fears over a no-deal Brexit, political issues, the cost of living, high taxes, low interest rates, a weak pound, the scrapping of some age-related benefits, quality of lifestyle, crime concerns, and the weather – that encouraged people to relocate, anecdotally, seem to have intensified for many respondents.
“The poll reveals that for the millions of Brits living abroad, including myself, it is a positive, rewarding and fulfilling experience for many reasons. These include more lucrative career opportunities, lower cost of living, higher quality of life, high quality childcare and education, lower crime levels, and good weather.”
He continued: “That said, there are legitimate reasons to be concerned that the majority have vowed never to return to Britain.
“No-one knows for sure what the future holds. Perhaps they will be forced to go back to the UK due to a change of personal circumstances, for example.
“The concern is that those who assume that they will never return to the UK, or indeed relocate somewhere else, is that they will not have all the available and/or necessary financial options open to them should they need to go back to Britain, or indeed elsewhere, for whatever reason.”
The deVere CEO says he is “encouraged” that 81% can save more whilst living overseas. However, he says to make this money work effectively, to make it truly worthwhile putting this money aside, they need to use their expat status to their financial advantage and explore all their available options.
He goes on to say: “Similarly, it is broadly positive that 70% haven’t severed all financial links with Britain, it is, in our experience, likely that this is for one specific purpose, and not part of an integrated financial planning strategy.”
Mr Green concludes: “Living internationally is an overwhelmingly positive lifestyle experience and career move for the majority of people. Yet it is important not to rule out the possibility of returning back to the UK or moving on somewhere else in the future.”