Young people leave the UK to work abroad in order to have better lives, survey reveals

by Ray Clancy on October 13, 2011

Better prospects abroad for under 35s

A third of the UK’s young workers are considering a move overseas to seek a better quality of life, a warmer climate and an improved work/life balance, according to new research.

Some 33% of people age 18 to 34 have considered moving overseas and a further 27% are open to the idea of becoming an expat, the survey from Post Office International Payments has found.

Nearly one in five, 19%, have already lived or worked abroad before and the chance of an improved quality of living was the top reason for wanting to escape the gloomy UK job and housing market with 63% giving that as the reason.

The prospect of a higher salary would tempt 43% to move and better career opportunities would entice 39%.

On average they said that they would look to stay away for at least five years. More than one in 10, 12%, believed they could ride out the effects of the current economic climate by working overseas.

Nearly a quarter , 23%, of young people felt that moving overseas would be a way for them to combine their desire to go travelling with working and getting paid. Nearly one in five, 19%, felt that a move abroad would create more opportunities for promotion.

Other top reasons for moving abroad included experiencing a new culture, a sense of adventure, the high cost of living in the UK, seeking a better place to bring up a family and being bored of life in the UK.

But the survey also reveals reasons why they would not move abroad with the number one reason being missing family with 62% saying that would prevent them from going overseas.

Other reasons for staying put included not finding work, missing friends, finding somewhere to live and the language barrier. Also 13% said that they couldn’t leave the UK as they have too many debts. Missing the British culture was another reason for not leaving.

‘The combination of financial constraints and a difficult job market is making a move overseas look more and more attractive for young people from the UK. A move abroad can seem like a daunting prospect, particularly for younger people and their parents, and our research tells us that many are deterred by the thought of the expense and complication,’ said Sarah Munro from Post Office International Payments.

‘For anyone who is looking to set up home in a new country, the Post Office International Payments service can help ease the process. Fee free international money transfers can be used for house deposits and any other set up costs, helping those relocating to avoid any potential bank charges,’ she explained.

She also pointed out that the Post Office International Payments service can be used to send money between UK and overseas bank accounts for a wide range of purposes such as a house deposit or other setting up home costs, mortgage payments and paying bills. Customers can also use the service to make payments from abroad back to the UK in sterling.

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qropsspecialists October 21, 2011 at 4:36 am

If you decide to move abroad, one of the first things you need to sort out will be your existing pension. You need to look at moving your pension overseas to avoid UK taxes and possibly into the currency of the country you are moving to. A QROPS (Qualifying Recognized Overseas Pension Scheme (QROPS) recognized by the Inland Revenue will be help you achieve these goals. A QROPS Specialist will be able to find the best solution for you. This is especially important if you are moving to the USA. You need to sort your pension before you move for tax reasons in order to be compliant with the IRS, otherwise the solution is more complicated.

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