If you’re considering to up sticks and move on to pastures new, and find hotter climates unbearable it could be worthwhile to brace the cold winds of Scandinavia.
In this article we’ll explore a handful of reasons, such as better income and work-life balance, for moving to the Nordic countries.
Natural wonder and awe
Getting the obvious out of the way first: Scandinavia is gorgeous. The landscapes of Denmark, Norway, Sweden and Finland are diverse, ethereal and borderline magical. Between the mountains, rivers, oceans, forests and literal glaciers you’ll probably never want for a new sight.
Room for increased salaries
Beyond the natural beauty, income differences are a key reason for a move. While the cost-of-living in Scandinavia is generally higher than the UK or United States, this is accounted for in higher levels of income across the board.
On the Gini Index , a tracker of income inequality in various countries, Scandinavian countries frequently score below the UK or US. With a lower score being better, it means that on average the typical worker is able to afford a better quality of life in the Nordic countries.
Moreover, the gender pay gap is much narrower in Scandinavian countries, except Finland. The Organisation for Economic Co-operation and Development (OECD) found significant reductions. Per 2022’s data , Norway led the charge with a pay gap of 4.6% between the binary, much narrower than 16.9% in the US.
Focus on work-life balance
On top of generally better wages, the work-life balance enjoyed in Scandinavia is seen as far better than many neighbouring countries.
Swedish workers, for instance, are legally entitled to a minimum of 25 days annual leave every year. This means that you’ll have a lot more time to pursue your choice of hobby or leisure activity.
The extra holiday allowance could bring boons to you as a person. With more time to relax, you could be less prone to falling ill or suffering from stress.
Free education and health care
The entire resident population across Scandinavia has free access to publicly funded, comprehensive healthcare systems. At either a local or regional level, when you become a resident you will be able to access and take advantage of these services.
Healthcare in Scandinavia frequently ranks very highly in the World Health Organisation’s (WHO) estimations, and in many comparative studies. This brings the life expectancy a couple of years above the average in the United States. And it’s free, just to reiterate.
For education, it largely varies by country. However, providing you’re either a member of the European Union or a legal resident, tuition is free of charge. The main catch for international expats is that you need a permanent residence permit in whichever Nordic country you choose.
In Norway, there is a small students union fee, which grants access to exams, reduced travel fees and healthcare. Other living costs are covered by the country by and large. The same is true for Finland.
For non-EU students, fees do apply, and can range quite widely. However, there are still a variety of grants and scholarships available which can help alleviate the costs.
Happiness to the next level
Finland generally takes the top spot for happiest country in the world, and has done so for five consecutive years. The rest of Scandinavia features in the top ten, and usually comes in well above the US or UK.
If you talk to a Scandinavian, they’re usually quick to tell you about one of the reasons discussed already. Chiefly, that the work-life balance in these countries hews strongly towards life. The basic needs of life are met.
While this comes with a famously high tax rate, it ensures that welfare programmes are thoroughly funded and comprehensive. With this, you would be able to take the time for leisure and pleasure.
However, it can (literally) be a dark place to live. While happiness levels are higher, the rates of Seasonal Affective Disorder and Depression are elevated amongst Scandinavian residents. Winters are long and dark, after all.
Conclusion
If you’re willing to take the plunge, Currencies Direct can provide the support you’ll need to make your move abroad a success.
We offer competitive exchange rates in addition to a range of extra tools which can help you maximise the returns on your transfers.
For instance, with a Forward Contract you can pay to lock in a certain date and rate ahead of time, future-proofing your transfer from market volatility. We can also help you target a specific exchange rate with a Limit Order, with the transfer only going ahead when that rate is reached.
To learn more about how we could help you save money on making the move to Scandinavia, get in contact on +44 (0) 20 7847 9400 or [email protected].
