OVER 40 PERCENT OF ADULTS CONSIDERING A MOVING ABROAD ARE HELD BACK BY MONEY WORRIES, ACCORDING TO NEW SURVEY FROM IFAST BANK

LONDON, Jan. 25, 2024 /PRNewswire/ — It’s said home is where the heart is…but for 40% of adults in the UK aged 35-54, a move abroad is high on the list of priorities, according to a new survey.

But when it comes to living, working, studying or retiring abroad, money really matters. Over 30% of 600 UK adults surveyed said any difficulties they encountered when living in another country related to banking, understanding local currencies, and setting up a bank account from abroad.

The majority of respondents to a poll by OnePoll agreed it was one of the best decisions they’d made (68%) with meeting new people (41%) and gaining a sense of independence (40%) seen as the main benefit. However, nearly half (44%) said the experiences they encountered made them think about moving back home with 18% saying they found it ‘very difficult’ to settle in.

Between 32% (lowest Wales) to 59% (highest Northwest) had done their research before travelling, with nearly three-quarters (76%) saying their move was planned and only 20% saying they would not want to do it again.

Adults in London were not so sure: 33% said it took 5-6 months to settle in – more than double those moving to regions outside London, while 20% said they were worried about managing their finances and the same percentage said they would not recommend moving to another country to others considering moving abroad.

BANKING WITHOUT BOUNDARIES

The survey, conducted by iFAST Global Bank, whose Banking Without Boundaries digital person account offers customers at-your-fingertips multi-currency banking, also found that for expats moving abroad:

• Cost of living (53%), exchange rates (42%) and the local currency concerns (35%) were the main preoccupations
• 26% wanted easy online access to their bank and customer support
• Retirees, Gen Z and Millennials were the most likely to move abroad, spread evenly over different age groups, rising from 15% for age 25-34 to 40% combined (35-54) up to retirees aged 55+ (43%)
• More women than men said they missed their loved ones (54%) and (43%) respectively while 18% of men said they didn’t miss anything, with most (64%) saying they would recommend the experience to others

One fifth said they were worried about finding a job and being able to rent a property – things that depend heavily on open banking facilities such as cross-border faster payments, foreign exchange transactions and being able to open a bank account from abroad.

Simon Lee, Manager of Digital Personal Banking at iFAST Global Bank, said: “Moving to a new country can be daunting, as things are very different from what you are used to at home.

“It’s not just a new language people have to contend with, there are the new processes too – for example setting up bank accounts and sorting the bills. This can be a complete minefield at home, let alone in a completely new culture.”

To open a free, Instant Access Multi-Currency Account with iFAST Global Bank visit ifastgb.com. 

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