British Expat Report 2024
Dreaming of living ‘La Dolce Vita’ has become a reality for more Brits than ever before, but why now? And what is it really like to quit the UK and build a new life in another country?
Dreaming of living ‘La Dolce Vita’ has become a reality for more Brits than ever before, but why now? And what is it really like to quit the UK and build a new life in another country?
We have the facts and insights you’ll want to know if you’re part of the 39% of Brits that are considering moving overseas due to the cost of living in the UK. Or maybe in these post-pandemic years, your mental health has taken absolute priority over other factors, like the 22% of Brits who feel like a fresh start in another culture would be beneficial for their wellbeing.
Starting over can be just the life change you need, and no need to harp on about the British climate (even though 37% of the British public cite this as motivation for leaving), there are many aspects to consider before you make a decision. That’s where Currencies Direct comes in. We have the data that separates fact from fiction, putting you in the know to make the right move, to the right country.
Utilising data from multiple, well-trusted sources, Currencies Direct’s British Expat Report 2024 shares vital insights to support weighing up the pros and cons of deciding where to go and why, such as the best places for Brits to purchase property abroad to uncovering the prime locations for quality of life. We also reveal the top places Brits are choosing to call home, the realities of choosing the expat path, and some of the biggest worries Brits have when it comes to packing up.
Invaluable information that can help make a difficult decision – easy, so let’s get into the findings you need to know to help you make yours.
The appeal of living overseas is on the up, with those under 35 leading the way. 38% of 25 to 34-year-olds are considering leaving the UK in the next five years, and 11% are thinking about moving right now. Just behind this group are those aged 18 to 24 years old. 36% of this demographic want to experience life elsewhere, and 10% are thinking of making an immediate move.
There's been a steady rise in choosing the expat life for UK residents, with both immigration and emigration increasing to historically high levels; in 2023 alone 532,000 Brits emigrated.
But what are the top reasons? Currencies Direct can reveal the most common reason, which almost half of those keen to leave Britain cited, was wanting a better quality of life (45%), closely followed by the cost of living crisis (39%). The third most popular reason for leaving was an ageless classic but very true – the weather (37%).
In terms of career sectors those working in the IT industry (48%), healthcare (30%) and education (22%) are the top three professions considering the move. While geographically, Manchester is the UK’s top city for budding expats, with 35% of Mancunians reporting that they are considering moving abroad in the next 5 years and 10% considering emigration right now.
Europe has long appealed to Brits for many reasons, and with our report showing that the top worry for leaving our isle is missing family and friends (36%), it’s easy to see why being just a quick flight away is the most popular choice.
So it’s no surprise France came out on top when Currencies Direct analysed data for over 18,000 property purchase transactions, with Spain and neighbouring Portugal following in second and third respectively.
Our report reveals Spain is the number one country Brits would most like to move to, with further afield destinations Canada and Australia coming in second and third place. Interestingly, both countries show a healthy cost of living score – even though both destinations are far from home.
While France appears in sixth place on the report, with the USA and Italy just ahead, the least popular location to start a new life according to our survey is South Africa. The country has many perks for potential expats, but the destination’s relatively high crime rate could be why Brits aren’t considering it for their next move. After all, 27% of women and 19% of men worry about safety before moving abroad.
As already revealed, wanting an improved quality of life is the number one reason why Brits are moving overseas. And according to our research, the top five destinations for quality of life are Switzerland, Iceland and The Netherlands, followed by Denmark and Japan.
Switzerland is famed for its life satisfaction, low crime rates, stellar healthcare system and overall enviable lifestyle, with a strong economy and beautiful surroundings – similar to the other top countries. Here, Spain, an overall favourite among Brits, falls just outside the top ten, but still retains a strong cost of living score.
When it comes to property purchasing power, Spain comes in second place, with South Africa taking the number one spot. As over 54% of British expats own their own homes, it seems when other factors are taken into consideration, it’s understandable why Spain does so well.
Cyprus and Portugal – which are both in the top 10 places Brits would like to move to, also poll well when it comes to purchasing power, coming in third and fourth place respectively. Portugal just makes the top 10 for quality of life, however Cyprus polled in 15th place.
As idyllic as a new life in the sunshine can seem, what does switching up your whole foundation actually feel like? And does it live up to the expectations of starting over?
Starting with the biggest worries Brits have before taking the plunge, the aforementioned missing friends and family is top, followed by the potential financial strains of moving (32%). 29% worry about the language barrier and regretting their decision is the fourth biggest worry (21%).
However, we can reveal the overall results of becoming a Brit abroad are hugely positive. 20% of British expats say moving abroad has brought them closer to their family living back in the UK, 22% have made new friends and 21% say they have learnt a new language. And when it comes to regrets, 38% of expats say they have never regretted their decision to make a move, and just 6% say that they do.
Another major stat the report reveals is almost half (49%) of UK expats said their mental health improved in their first six months of living aboard. Their way of life is happier and better overall: 24% have more time to themselves, 17% say their adopted culture has improved their lives, and 23% feel they have gained a new cultural identity, rather than lost their British one – which was in the top 10 UK worries, with 12% of Brits stating they would worry about losing their British identity if they emigrated.
Interestingly, with 24% of respondents, the thing that most British expats agree has improved their way of life is the political climate.
The trends uncovered in Currencies Direct’s British Expat 2024 report are massively positive and suggest choosing to set up home overseas as a great life choice. There’s a lot to weigh up, to consider and ultimately to action, but it doesn’t need to be confusing when you have all the facts at hand.
Europe is a great choice for embracing the culture while staying close enough to the UK to maintain the closest relationships, and the figures around quality of life are undeniably positive. The top ten destinations for purchasing power see many European countries, from Greece to Spain and Cyprus, so the trend of starting over in neighbouring Europe is likely to continue.
We’ve also touched on some of the key concerns British people have before moving, and our results show just how often these worries prove true. Generally, the top worries Brits have are outweighed by the happiness their new lives offer.
If some of the findings revealed in report have got you seriously curious to know more about buying a property aboard, use our free quote service and find out the facts and figures on transferring large funds to your country of interest. We’ll be happy to give you a guided service and answer any burning questions.
In this piece, we’ve highlighted some big figures, findings and some of the best places to set up aboard. If you’re toying with the idea of expat life, we know it can be a big and confusing choice, but we hope we’ve myth-busted some points and given you a clearer view of how the Brits who’ve been in your shoes feel after taking the plunge and reaping the benefits, of which there are many.
To prepare this report, Currencies Direct combined survey data from an international survey by Censuswide of 1,500 respondents living in the UK, and 500 British citizens living abroad, with a seed-list (created by us) of countries considered low-risk for transferring large sums of money. Performing an analysis of local property prices, along with data on transfer rates, we established which property markets offer budding British expats the best value.
Using the same seed list and data, we compared each country's average consumer price Index, crime rate, healthcare expenditure as a share of GDP and self-reported life satisfaction scores to identify the destination countries with the best quality of life.
International survey by Censuswide.
Seed List: Low-risk destinations provided by Currencies Direct
Transfer Amount: £150,000 in local currency, rounded to the nearest decimal
Average Property Cost: Price per square metre to buy an apartment outside of the city centre, provided in the local currency (Numbeo)
Purchase Power: £150,000 in local currency (interbank exchange rate mid-Aug 2024) divided by the average price per square metre for an apartment outside of the city centre
Cost of Living: Rate of inflation in the average Consumer Price Index (CPI) - (IMF, International Monetary Fund)
Crime: The overall crime rate is calculated by dividing the total number of reported crimes of any kind by the total population, then multiplying the result by 100,000 - (World Population Review)
Healthcare: Total healthcare expenditure as a share of GDP (Our World in Data) (Statista)
Life Satisfaction: Self-reported life satisfaction - average responses to the 'Cantril Ladder' question in the Gallup World Poll. The survey asks respondents to think of their current place on a ladder, with the best possible life for them being a 10, and the worst possible life being a 0. (Our world in Data)