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Family at the fore when considering moving overseas

From Property Talk Live on June 3, 2014

According to a Lloyds Bank International Private Banking survey nearly two fifths (38%) of Britons with children would consider a move abroad, with 45% of those citing their families as an incentive for the move.

When asked to select reasons for emigration, the research showed that bringing families closer together was high up the agenda (53%), only bested by improving the quality of life (67%) and exposing them to a different culture (59%).  Better schooling and easier access to healthcare were well down the list at 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.”

Before deciding to relocate, potential expats need to ask some basis questions: How will the children settle in? If relocation is for work, what will my partner do for work? How easy is it to get back to the UK to visit family? There are also the financial issues to consider, such as the career opportunities, potential tax benefits, pension impacts and options of returning if for a defined period.

For some, however, emigration is not on the cards with 58% saying that they would not consider moving abroad. The biggest single reason for that said is, once again, a family connection, with 70% not wanting to move away from their family and friends. Conversely, 38% of those looking to emigrate felt making new friends was the main reason for the move.

Having schooling interrupted (60%) was the second reason, with a significant gap before the next reason, being ‘too stressful’ at 38%. The quality of education and healthcare abroad were less popular reasons (30% and 22% respectively).

While family plays a large part when determining a move, it is less so when children have grown up, with 60% of parents prepared to consider their children going to university and 85% to work overseas. In a similar vein, 59% of parents surveyed would actively encourage an international move.

Interestingly, this may mean that interrupting a child’s education and their relationships at a younger age may play more of a part than the responses to the survey suggest.

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Source: Property Talk Live