According to the Family Futures Survey from Lloyds International Private Banking, nearly two fifths (38%) of British people with children would consider a move abroad, with 45% citing their families as an incentive for the move. When questioned on their reasons behind considering a move overseas, bringing family closer together was named as a major deciding factor by 53%.
A better quality of life was the top reason given for moving. cited by 67% of respondents. The survey, conducted by YouGov on behalf of Lloyds, asked over 1,000 British people their views on moving abroad. To experience a different culture was also a reason for over half (59%) of respondents. Better schooling and easier access to healthcare were also a factor for 38% and 22% respectively.
Richard Musty, Director, International Private Bank, said: “It’s clear from the research that the appetite to move overseas is very mixed, and often down to personal reasons and circumstances. The most important point is simply to be prepared before making that move and seek the right guidance.”
Some of the basic questions families need to ask themselves while considering an international move include:
- How will the children settle in?
- If one parent has a job, what will the other do?
- How easy will it be to get back to the UK and visit family?
Lloyd’s also highlights the financial considerations, such as earning potential abroad, pension concerns, and possible tax benefits – all of which need to be considered, especially by those with children to provide for.
Family clearly plays a large part in deciding when to move, and the age of any children also impacts on the decision. Almost 60% of parents said they are prepared to consider their children going to university overseas and a majority (85%) are prepared for them to work abroad. In fact 59% would actively encourage an international move.
For some, relocation isn’t an option, with 58% saying they would not consider moving abroad . This biggest single reason behind this answer was unsurprisingly not wanting to move away from family and friends (70%). On the other hand 38% of those considering a move said making new friends was the main reason for the move. The second biggest worry was education (60%), and 38% of respondents concerned a move abroad would be “too stressful”.