A majority (62%) of potential expats who are planning a big move said finding the ‘right financial services’ to suit their needs was a worry, according to HSBC.
This rises to over two thirds (67%) among digital nomads, i.e. adults living abroad (or plan to move abroad) who are taking advantage of remote working rules.
HSBC surveyed over 7,000 adults across nine international locations and included a range of different international citizens, including expat families, digital nomads and overseas students.
Just over half (51%) of respondents who are planning to live, work, or study abroad said that nobody has helped them feel financially prepared to relocate.
Top reasons for relocating to work or study abroad among international citizens
| Better lifestyle, such as improved health or social life | 29% |
| A better work/life balance | 27% |
| For increased salary / higher earnings | 25% |
| Opportunity to travel | 24% |
| Stability for my family | 24% |
| Learn new skills at work | 23% |
| To make my money go further | 22% |
| To live in a more sustainable environment | 22% |
| Explore and understand the culture of my new location | 21% |
| Accelerate career progression / job promotion | 19% |
| Improved technology means I can now work anywhere | 18% |
| To take advantage of more flexible remote working rules | 17% |
Investments
The HSBC research also revealed how international investors are making both personal finance and investing decisions as they cross borders and move overseas.
The US is the leading destination among international investors in the survey, with 27% investing there, followed by 20% investing in the UK.
From an investing perspective, study findings showed:
- 67% of international investors plan on investing in their new location;
- 68% of international investors would do more overseas investing if they
had better access to guidance; and - 36% of international investors own a property overseas.
Mark Pittsey, interim US head of wealth and personal banking at HSBC, said: “Banking across borders is a smoother process when using our systems and platforms, especially when investing and seeking wealth guidance. Many of our clients are true internationalists, and we’re here to support them at multiple points across their wealth journey.”
