Why a third of British expats are set to return home
Large numbers of people who intended to retire abroad are planning to come back to the UK, according to new research.
The dream of retiring abroad is over for many pensioners. A third of Brits who have moved abroad after retirement are planning to return to the UK, according to NatWest.
Many people spend their working lives dreaming of spending their retirement years in sunnier climes, but it seems reality isn’t living up to expectations. Around 25% of expat pensioners admitted in NatWest’s Quality of Life Index research that their new home had not met their expectations. As a result 33% are planning to come back to the UK, with a further 23% considering a return at some point.
Dave Isley, head of NatWest International Personal Banking, said it was crucial for anyone planning a move abroad to do their research about exactly what living abroad would ential for them in order to make an informed decision about whether it's a good move.
He continued: "It is important that people do not expect an extended holiday when they plan their new life away from the UK.”
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Money worries bring people home
Financial concerns are the main reason retired expats are planning to come back to the UK. Of those surveyed a massive 97% admitted that the cost of living in their chosen country was higher than they had expected.
The global economic downturn has particularly affected expats living in European countries where property prices have been falling.
It isn’t just money that is pulling pensioners back to the UK though. An overwhelming 94% of retired expats said they missed their family and friends, while three out of four said they missed British culture.
All of the people surveyed said their loyalty still lies with the UK despite living abroad, and that they see their identity as a British national as a useful asset.
Our favourite places to retire
Spain remains the most popular retirement destination for Brits according to research by Retirement Advantage last year.
The survey found that 24% of the over-50s who would retire abroad picked Spain as their favoured destination, followed by North America at 22% and France at 20%.
Younger generations heading abroad
While Britain’s pensioners may be returning home after their expat dreams turned sour, younger people are increasingly moving abroad.
NatWest’s research found that the number of expats aged 25-35 is increasing. That age group now makes up 27% of all British people living abroad.
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