Once seen as the domain of retirees, expat life is now being redefined by a new generation. Millennials and Gen Zers are leaving behind traditional work models and high-cost cities in favour of international lifestyles that offer affordability, opportunity and personal freedom.
Rather than chasing a sun-soaked retirement, younger expats are relocating for adventure, remote work and a better quality of life. And with more countries introducing flexible visa schemes, international relocation is no longer a distant dream, it’s an accessible and practical choice.
At Currencies Direct, we’ve seen more young people transferring money internationally to support a life abroad. So, what’s driving this shift, and where are they going?
Why more young people are choosing life abroad?
Younger professionals and freelancers today are choosing international cities that allow them to live well, work flexibly and build fulfilling lifestyles. With remote and hybrid work models becoming the norm, many no longer feel tied to expensive cities like London, Sydney or New York.
Add to this the increasing cost of living in major cities, and the appeal of lower-cost destinations with strong digital infrastructure becomes clear. In some locations, you can halve your monthly living costs without sacrificing safety, connectivity or cultural stimulation.
For example, while average monthly expenses (excluding rent) in London can easily exceed £1,000 for a single person, cities like Lisbon, Bangkok or Mexico City offer similar urban comforts at a fraction of the cost.
Furthermore, countries are competing to attract digital workers and young entrepreneurs. Initiatives like Portugal’s digital nomad visa and Colombia’s remote worker visa have made it easier for younger generations to live and work abroad legally and confidently.
Europe’s blend of culture and affordability
European cities continue to top the list for Millennial and Gen Z expats thanks to their combination of charm, culture and cost-effectiveness.
In Lisbon, Portugal, average living costs sit around £650 per month (excluding rent), with digital infrastructure, creative communities and easy visa options making it an increasingly popular home base for remote professionals. Its welcoming lifestyle, mild climate and buzzing start-up scene are huge draws.
Budapest in Hungary offers a more affordable European experience. A single person can live comfortably on £1,100–£1,200 a month, enjoying historic architecture, thermal spas and a thriving café culture. It’s also emerging as a hidden gem for tech professionals and creative freelancers.
Asia’s tech-forward, budget-friendly cities
Asia is fast becoming the go-to region for younger expats seeking dynamic lifestyles and high digital connectivity.
In Bangkok, monthly living costs including rent start around £1,300. The city offers an unbeatable combination of fast internet, rich heritage, co-working spaces and world-class street food.
Thailand’s extended visa schemes also make it easier to stay longer without complicated paperwork.
Seoul, South Korea, offers excellent career prospects, especially for those in tech, media and education. With monthly expenses around £1,150, expats benefit from cutting-edge infrastructure, modern city living and a pop-culture scene that’s hard to match.
Both cities have strong international communities and are well suited to younger people looking for fast-paced environments with room for career growth and personal exploration.
Latin America’s rising popularity
Across the Atlantic, Mexico City has become a magnet for the next generation of expats.
Its vibrant energy, art scene and community of freelancers make it a standout for those looking to stretch their income while enjoying a rich cultural lifestyle. The average single-person budget sits at around £565 per month (excluding rent).
Meanwhile, Medellín in Colombia is undergoing a major transformation. Once off-limits to many travellers, it’s now a modern, green and innovative city where young professionals are finding community and balance.
With average costs of around £650 per month, Medellín offers year-round spring weather, a fast-growing tech scene and impressive urban renewal.
Keeping your finances on track abroad
While the prospect of living overseas is exciting, managing your finances across multiple currencies requires careful planning. Exchange rate fluctuations, hidden fees and slow transfers can all eat into your hard-earned money.
At Currencies Direct, we help Millennials and Gen Z make smarter financial decisions when moving abroad. Whether you’re sending savings to get started, making regular payments or transferring income to and from your home country, we make the process smooth, secure and cost-effective.
Our forward contracts allow you to lock in an exchange rate for up to a year in advance, perfect for budgeting in uncertain markets. This way, you can protect yourself against unfavourable currency movements and plan your life abroad with confidence.
We also offer a multi-currency card that makes everyday spending effortless. You can hold multiple currencies, spend like a local around the world and move money between wallets whenever the rates are right for you!
A new era of flexible living
The way we live and work is changing, and Millennials and Gen Z are at the forefront of this shift. The freedom to choose where you live, work and build a life isn’t just an idea anymore, it’s a reality that’s being embraced across the globe.
Whether you're planning to stay long-term or explore multiple cities, understanding how to manage your finances internationally will be key to making the most of your expat experience.
At Currencies Direct, we understand what it takes to live and work abroad successfully.
With over 25 years of experience in international transfers, we offer practical tools and personal support tailored to your goals.
Ready to live life globally? Talk to our currency experts today and discover how we can help make your money go further, wherever you choose to call home.
