Expats Flock to the United States for Career Opportunities, HSBC Survey Reveals
NEW YORK--(BUSINESS WIRE)--Nov 13, 2018--Expats flock to the U.S. for career opportunities, according to the new Expat Explorer survey released today by HSBC Bank USA, N.A., (HSBC), part of HSBC Group, one of the world’s largest banking and financial services organizations. More than half of those surveyed said they have lived here for more than five years, and despite some reservations about work/life balance and stress levels, they have stayed because they want to continue that career development.
Almost all expats (92%) said they’ve had the chance to develop new skills since the move. More than half (57%) report being more confident at work and nearly two-thirds (61%) are more adaptable.
The majority (67%) of expats living in the U.S. agree that their earnings prospects here are better than at home. According to the survey, expats in the U.S. earn an average salary of $185,000 annually. A third (35%) have used their extra income to invest in property and half (49%) have been able to invest more for their retirement.
Outside work, expats report a range of different experiences. Nearly half (49%) say their quality of life is better here than it was at home, despite greater concerns about safety (68%), and 50% say that moving to the U.S. has brought them closer to their children.
But, a third (34%) work longer hours than they did at home, leaving them less time to work on personal goals like improving their social life, health and wellbeing.
More than half (57%) say their social circle is smaller in the U.S. and a quarter (26%) say it’s been harder to form new friendships.
“There’s a lot to consider when moving to a new country, regardless of if it’s your first time abroad or you’re a seasoned traveler,” said Paul Mullins, Regional Head of International Banking for HSBC in the U.S. and Canada. “For over 50 years, HSBC’s professional advisors have been helping expat and international customers face big challenges associated with living abroad, such as having financial commitments in both their home and host country, juggling finances in different currencies, moving money to family abroad, having more money to manage and dealing with complex tax situations.”
This year’s study suggests that one of the first things Americans do as they approach retirement is consider moving abroad. After retirement, the second most popular reason Americans decide to move abroad is to improve their quality of life (31%) followed by an interest in challenging themselves (22%).
Americans abroad are spread far and wide around the globe, settled in countries ranging from neighboring Mexico (20%) to the UK (10%), China (7%), Thailand (7%) and Hong Kong (4%), to name only a few. With branches in 66 countries and territories in Europe, Asia, North and Latin America, and the Middle East and North Africa, HSBC is able to support these expats on the ground, wherever they choose to reside.
“As the world’s leading international bank, we are committed to helping these customers better understand their finances and make planning for a future abroad simple,” Mullins added.
Note to editors
HSBC Bank USA, National Association (HSBC Bank USA, N.A.) serves customers through retail banking and wealth management, commercial banking, private banking, and global banking and markets segments. It operates bank branches in: California; Connecticut; Delaware; Washington, D.C.; Florida; Maryland; New Jersey; New York; Pennsylvania; Virginia; and Washington. HSBC Bank USA, N.A. is the principal subsidiary of HSBC USA Inc., a wholly-owned subsidiary of HSBC North America Holdings Inc. HSBC Bank USA, N.A. is a Member of FDIC. Investment and brokerage services are provided through HSBC Securities (USA) Inc., (Member NYSE/FINRA/SIPC) and insurance products are provided through HSBC Insurance Agency (USA) Inc.
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 3,800 offices in 66 countries and territories in Europe, Asia, North and Latin America, and the Middle East and North Africa. With assets of US$2,603bn at 30 September 2018, HSBC is one of the world’s largest banking and financial services organizations.
About Expat Explorer
The Expat Explorer survey was open to adults over 18 years old currently living away from their country of origin/home country. The survey was completed by 1,368 expats in and/or from the United States through an online questionnaire in March and April 2018, conducted by YouGov and commissioned by HSBC Expat. A minimum sample of 100 expat respondents and at least 30 expat parents is required for a country to be included in the league tables, with 31 countries qualifying in 2018.
About HSBC Expat
HSBC Expat is a trading name of HSBC Bank International Limited. HSBC Expat is an award winning provider of expat financial services, with its head office based in Jersey, Channel Islands. It also has representation in Dubai and Hong Kong. As part of HSBC Holdings plc, HSBC Expat has the experience to offer tailored financial solutions to customers living and working abroad. For more information visit: www.expat.hsbc.com.
Expat Explorer online
Report and country comparisons: https://expatexplorer.hsbc.com/survey/ Tweet @: www.twitter.com/expatexplorer Facebook: www.facebook.com/hsbcexpat Expat experiences blog: www.expatexplorer.blogspot.com/ Expats’ ratings of 46 host countries are available to explore online through the Expat Explorer interactive tool.
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CONTACT: For HSBC Bank USA, N.A.
Matt Klein, +1-212-525-4644
Carolyn Hamm, +1-212-525-0720
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
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PUB: 11/13/2018 09:00 AM/DISC: 11/13/2018 09:01 AM