Two thirds (64%) of Brits with full time jobs dream of living and working abroad.

The new research from Wise also found that 30 percent think the cost-of-living outside the UK would be more manageable.

However, a quarter say they are hesitant to make the move, citing that it’s not as easy as it used to be in terms of securing visas, or opening bank accounts in a new country.

 

What are the top reasons for working abroad?

The research found that the top five reasons are:

  1. They want better weather than the UK (46%)
  2. They think the lifestyle abroad would be better for their mental health (42%)
  3. They believe that living abroad will help them manage their diet and exercise (31%)
  4. They believe costs of living are lower outside of the UK, and they’ll be able to get more for their money (30%)
  5. They consider the work/life balance outside of the UK better (28%)

 

Flexible working

Wise’s research shows that more than a tenth (11%) of Brits who want to live abroad in the future say they would plan to stay with their current employer based in the UK when they move abroad.

But almost 27 percent say they would find a brand new role in their chosen country

Also, 15 percent would choose to take on temporary work as and when needed 

And there is  a strong entrepreneurial streak too, with 9 percent planning to start their own business.

 

What are the drawbacks of moving and working abroad?

There are still some significant bumps in the road for those hoping to work in the sun. A quarter (25%) say they are conscious that it is not as easy as it used to be before Brexit, with visas, or bank accounts harder to get in other countries

With costs and logistics both bringing some hesitancy, making sure you research your location thoroughly, and manage your finances properly when living abroad is crucial. It is especially important if your reasons for moving are based on money.

 

Helen Ivashko, Consumer Lead at Wise, comments:

“It might be tempting to think that your current bank account already allows you to manage money abroad. But you could lose huge amounts of money on poor exchange rates and hidden fees by changing your salary across currencies with a domestic bank. This becomes even more of an issue for people who are really trying to save money on living expenses while making the move abroad.

Managing finances in another country can be stressful, but there are ways of making it easier. Multi-currency accounts can offer local bank details, direct debits, and even Apple Pay, so you get all the convenience of your regular bank, without the cost..”

 

Jill Cotton, Career Trends Expert at Glassdoor added:

“As with any career decision, before packing up to work abroad, you need to consider the 2 R’s: research and reflection.

“First, find out all you can about your dream role in the country you are considering. Connect directly with companies and recruiters to understand the skills and experience you need to secure the job as they could differ from the UK. Then take a critical look at your CV and gain experience where you might have gaps. 

“Then reflect – it’s essential to understand what makes you happy in a job and the driving force behind wanting to move overseas. Whatever the reason, make sure any roles you apply for satisfy that demand.”

 

 

 

 

Amelia Brand
Amelia Brand

Amelia Brand is the Editor for HRreview, and host of the HR in Review podcast series. With a Master’s degree in Legal and Political Theory, her particular interests within HR include employment law, DE&I, and wellbeing within the workplace. Prior to working with HRreview, Amelia was Sub-Editor of a magazine, and Editor of the Environmental Justice Project at University College London, writing and overseeing articles into UCL’s weekly newsletter. Her previous academic work has focused on philosophy, politics and law, with a special focus on how artificial intelligence will feature in the future.