Last month, Moneycorp surveyed BritishExpats.com members to try and find ‘the face’ of the typical British expat. We were looking to develop an information profile on Brits who relocate overseas. We have already revealed what brands and TV shows they miss.

Here we reveal the rest of the results!

The research revealed that 80% of UK expats believe their children have a better quality of life since they moved abroad. It seems ‘la dolce vita’ is coming true for many Brits living overseas as 85% of those surveyed say they intend to stay living abroad for the foreseeable future. Expats’ dim view of life back home is further underlined as a quarter of respondents said they would consider moving elsewhere overseas before contemplating returning to the UK.

The survey also reveals that Britons are eager for a change of lifestyle as over half (53%) of respondents said this was the main motivation for the move abroad while, surprisingly, given the disappointing British summer, only 10% said it was due to the weather.

However, it’s not all sun and sangria for UK expats with over 50% saying their cost of living has increased since moving overseas. Missing family is also a cause for concern, with nearly half (44%) saying they are visited less frequently by their family since the financial downturn while 36% visit their family in Britain less than once a year.

David Kerns, Private Client Dealing Manager at Moneycorp said: “UK expats face a dilemma; although many are happy overseas and enjoying a better quality of life, they are suffering from a rise in the cost of living, which is forcing some to return home. This isn’t helped by fluctuating exchange rates as the pound has lost value against many major currencies of late, especially the Australian dollar, meaning those transferring money from the UK are seeing their funds diminish.”
Costs are clearly a concern for expats as over 60% of respondents want to know more about transfer fees when moving their money abroad suggesting they are wary of further constraints on their income.

David Kerns continues: “As the pound weakens, it’s especially important that expats speak to currency specialists to guard against these adverse fluctuations. By locking into favourable exchange rates for up to two years you expats can protect themselves against the pound losing further value, as well as avoiding potentially costly transfer fees. Over a series of payments, these savings can run into the thousands of pounds, particularly if they are regular occurrences such as mortgage or pension payments from the UK.”

If you would like to comment on the survey, please visit our post in the discussion forum.

You can also find out more about transferring your funds abroad in the Exchange Rate Zone.

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