New research from HSBC has highlighted the financial challenges of relocating abroad and some of the concerns of those who have moved or are choosing to move to 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 study show that international citizens’ financial experience may not be plain sailing.
More than half (53%) of respondents globally agreed that they felt unsettled when they first arrived in their new location because they struggled to set up bank accounts, utilities and the internet and so on.
The study, conducted by Ipsos UK, surveyed more than 7,000 adults across nine locations, including the Channel Islands and Isle of Man, to understand how international citizens’ financial lives are evolving, their motivations for moving abroad and issues they face as they settle.
Key findings
• Almost three in five (56%) people surveyed who have already relocated agreed that being unable to transfer their credit history led to struggles setting up essentials such as a mobile phone contract or credit card. There was similar feedback from international citizens in the Channel Islands and Isle of Man (52%).
• Some 54% of those surveyed globally said nobody helped them feel financially prepared to relocate. Again, this was reflected among those moving to the Channel Islands and Isle of Man (56%).
• The study identified key motivations for moving – 25% of respondents to relocate in order to earn more money and 22% 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 with the global average (17%) when it comes to taking advantage of more flexible remote working rules.
Cameron Senior, Interim Head of Wealth and Personal Banking, HSBC Channel Islands and Isle of Man, said: “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.
“We know the islands are attractive locations for international citizens – but banking across multiple locations can make it tricky to stay on top of your finances; there’s a lot to think about.
"People need to be able to open a bank account before they move overseas, and see their bank accounts in one global view.”
• To read HSBC’s Guide To Moving Abroad click here.