According to new research from Lloyds Bank, more than a third (35%) of affluent British parents would consider leaving Britain at some point in the future.
Surveying British parents with more than £100,000 of investible assets, nearing one in two parents (45%) who have children under 18 and would consider emigrating, say that their family is the motivation behind this. The main driver behind this decision is the expectation of an increased quality of life for children, exposure to a different culture and helping children learn a foreign language if they move to a non-English speaking country.
While the figures reveal that many parents are interested in life overseas, just over a quarter (26%) of parents with children under 18 say their family would act as a disincentive to move abroad, thinking it may disrupt their children’s schooling while removing them from other family and friends.
However, the majority of parents are upbeat about their children living in a foreign country with 59% saying they would encourage their children to pursue career opportunities abroad. Some 60% would be happy for their children to go to university in a different country and one in five would consider sending their children to school in a different country.
Richard Musty, International Director at Lloyds Bank, commented: “Many parents are considering emigrating, not necessarily for career opportunities and financial reasons, but because many of them – nearly half – feel the quality of life for them and their families may be better elsewhere.”
“Moving abroad is an exciting and often life-enhancing experience. Our research among expats themselves has always showed that the majority are upbeat about their new lives overseas and think that emigrating has improved their quality of life.”
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