Data collected by Lloyds TSB found that two thirds of British expats are now earning more than they did in the UK.
Morale and job satisfaction are at a definite low here in Britain, where a triple-dip recession looms ominously on the horizon and 2.5 million people remain without work. While money decreased in value by 2.7% last year, average earnings only grew by 1.5%. This means many of us have had to make big lifestyle changes to cope.
Many large companies recognise the challenges their employees face and go to great lengths to facilitate overseas moves. According to the survey, 55% of respondents were offered a moving allowance by their companies, while 50% were offered help with housing costs and 43% were given free flights home.
While money is a strong incentive to move abroad, many people hope to find a better quality of life overseas. Warmer weather, a more relaxed pace of life and a better work/life balance are all appealing prospects when it comes to making the decision to leave. Unsurprisingly, the most popular destinations for Brits looking for work were English speaking countries. The U.S housed the bulk of survey respondents at 17%, while Canada took 6% and Australia took 12%.
Lloyds TSB International Private Bank director Richard Musty told the Telegraph just how important it is for people to seek advice before moving abroad. He said: “It is more important than ever that people are equipped with the right tools and information to maximise the benefits of a higher salary and greater financial stability that come with working overseas.”
While the lure of more money and a better quality of life abroad can be strong, it’s worth seeking advice about details like healthcare, pensions and insurance. You might also want to consider what impact your move may have on your family, social life and happiness.
To find out more about the risks and benefits of moving abroad, please head over to our Moving Abroad page where you can also find out how life coaches help with decision making, preparation and personal development during overseas moves.
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