Employment, income and inflation levels here in the UK have, for most people, proved painstakingly stagnant for far too long. In order to secure more rewarding prospects and to source the means toward a brighter future, British workers are seeking out work overseas. Professional British expats are now earning higher wages in more dynamic countries such as Australia or Canada; predominantly wherever any communication barrier is easily overcome.
Almost half of all British expat participants in the Lloyds TSB International poll stated that their search for a greater quality of life had taken them overseas, whilst a third of those were motivated to move abroad for a greater scope in employment opportunities. A fifth of all survey respondents said that they already felt a greater sense of financial security, with just a third reporting a failure to improve the income levels they attracted at home in the UK.
The development reflects a trend that began amongst many of our Eurozone neighbours, who also sought out some kind of livelihood and an entirely new start after feeling the full force and affliction of the on-going financial crisis that continues to cripple economically challenged countries such as Greece, Ireland and Spain. It now seems that the UK is subject to the same pressures as our EU counterparts and considering the evidence, things could quite easily go from bad to worse.
The action taken by those newly expatriated Brits whose appetite for employment and financial security has apparently triumphed above all is nothing short of commendable. Considering Moody’s recent downgrading of the UKs AAA credit rating and the abundance of warning signs that we simply can’t afford to ignore, it surely paints a sorrowful picture for the future of the UK economy. Those jumping ship in order to survive can of course expect full support from their UK employers, right?
So just what steps are in place to support expats in their ambitions to succeed overseas? Survey results showed that more than half were given a relocation allowance; less than half received free flights or financial assistance with their new homes. On average, a third received advice pertaining directly to their move and new life abroad, but lacked the assistance they wanted wherever tax related issues such as asset management and their pensions were concerned.
It’s something of a troubling statistic that illustrates the delicate nature and balance of an expats financial security. British expats are effectively moving abroad to earn a rewarding income that could still be subject to varying laws and legislations that could have a devastating impact on any hard-earned nest egg and a greater understanding of the financial systems they’re subject to could prove vital in keeping the dream alive for Britain’s professional expat community.
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