Nearly 3 in 5 (58%) British expats choose to leave the UK in search of a better career or salary according to by Lloyds TSB International.
A third (29%) of those who are motivated by career and salary are aged 45-55 years and once moved, over half of this group (52%) do not then plan to move home.
Many expats choose to put down roots and stay permanently in their new country of residence; 56% of expat respondents have no plans to return home to the UK permanently. There is a clear correlation between expectations for the future and age of expats; the younger the responder, the more likely they are to return to Britain. Only 20% of 18-24 year olds said they would not return home versus 80% of expats aged 65 years and over.
Of the countries surveyed, France, South Africa and the US attract the longest staying expats. Far fewer expats choose to stay long-term (ten years or more) in the United Arab Emirates (UAE) and Hong Kong, where the majority are working males aged between 25 and 54 years old.
Having moved abroad, it seems the ties that bind expats to the UK do not break easily with over three quarters (76%) of responders recognising the importance in maintaining ties with the UK. Most expats visit the UK for holidays with family visits outstripping business trips by nearly six to one (74% vs. 13%).
Surprisingly, with so many expats citing their original reason for moving abroad as being career and salary orientated, earnings do not influence the decision to move back home. On the contrary, the most likely reasons given were family pressure (26%) and poor health (25%), which evidences an emotional connection with the UK.
Jakob Pfaudler, managing director of Lloyds TSB International commented, "As an expat myself, I can understand the value of keeping in touch with your home country of residence. Research shows that moving countries carries with it a huge emotional investment and it takes on average 1-2 years before an expat establishes a social network and starts to feel settled. Coupled with the fact that most move to advance their career, it is no great surprise therefore that once they start to reap the benefits, they aren’t contemplating moving yet again; over two thirds of responders with more than £500,000 in liquid assets are not planning a return to the UK".
