New research from HSBC has revealed the financial challenges of relocating abroad and highlighted some of the concerns of those who have moved and are choosing to move to key international markets, such as the Channel Islands and Isle of Man.
Although technology is opening up opportunities for more people to become digital nomads, and people are starting to move across the globe again, the findings of the new study show that international citizens’ financial experience may not be all plain sailing – over half (53%) of survey respondents globally, for instance, agreed that they felt unsettled when they first arrived in their new location because they struggled to set-up important things like a bank account, utilities, and the internet.
The study, conducted by Ipsos UK, surveyed over 7,000 adults across nine international locations – including the Channel Islands and Isle of Man – and was commissioned to understand how international citizens’ financial lives are evolving, their motivations for moving abroad, and issues they face as they settle into their new home. The bank estimates there are over 90 million international customers across just 10 of its key international markets. Amongst the other key findings in the survey were that:
- almost three in five (56%) people surveyed globally who have already relocated, agree that being unable to transfer their credit history led to struggles setting-up essentials, such as a mobile phone contract or credit card. This was a similar experience for international citizens in the Channel Islands and Isle of Man (52%).
- one in two people (54%) surveyed globally say that nobody helped them feel financially prepared to relocate. Again, this was a similar experience for international citizens in the Channel Islands and Isle of Man (56%).
Meanwhile, the study also identified key motivations for moving, with a quarter (25%) of respondents globally being motivated to relocate in order to earn more money, and over a fifth (22%) of those moving to make their money go further.
In the Channel Islands and Isle of Man, the top reasons for moving included achieving a better lifestyle (29%), having the opportunity to travel (26%), being given the possibility for accelerated career progression (23%), experiencing a better work life balance (20%) and having the opportunity to learn new skills (20%). In addition, the islands also scored better (19%) compared to the global average (17%) when it comes to taking advantage of more flexible remote working
Commenting on the findings, Cameron Senior (pictured), Interim Head of Wealth and Personal Banking, HSBC Channel Islands and Isle of Man, said: “Moving abroad is exciting and daunting, but managing your finances internationally shouldn’t be a struggle. It’s clear from our research that some people – including those who are relocating or have relocated to Jersey, Guernsey or the Isle of Man – get caught out on the financial front, which can really impact their ability to settle in their new home.
“We know that the islands are attractive locations for international citizens to relocate to – but banking across multiple locations can make it tricky to stay on top of your finances; there’s a lot to think about. To be set for success, people need to be able to open a bank account before they move overseas, and see their bank accounts in one global view. The right financial support can help reduce the time people spend worrying about money matters, and instead make
more time for them to enjoy their new life.”