A study by Allianz Care found that financial priorities of 52% of expats interviewed had changed as a result of the crisis. More than half of them stated that health and well-being was now a priority for them. Family also weighs more in the balance these days, expats say.
The COVID-19 and its resulting health and economic crisis has sure changed the way we see life. The unprecedented lockdown, closure of borders and halt to almost all economic activity will definitely cause shifts in our way of life for the years to come. How will this crisis impact expat choices? Already, an Expat.com survey found that 38% of expats were planning to head home after the crisis. Another study by Allianz Care has only just found that expat financial priorities had also changed following the crisis. Indeed, 52% reported having seen a shift in their priorities because of the crisis and 53% of these explained that they would be spending more on health and well-being now than they did before the COVID-19 crisis. The news was reported by the news outlet, International Investment.
“2020 has been a life-changing year for many of us across the world as we deal with the implications of COVID-19. Massive lifestyle changes have forced on us almost overnight, which in turn have forced us to re-assess how we live our lives and re-evaluate what’s truly important. The same is absolutely true for expats who are living and working across the globe. This comes across strongly in the increasing prioritisation of health and family”, said Paula Covey, chief marketing officer for health at Allianz Partners to International Investment.
Other than that, the survey also found that the profile of the “expat” is slowly changing. While in past surveys, Allianz Care tended to find that most expats moved abroad temporarily on work assignments and for high pay positions, it seems to be changing. Indeed, expats seem to have a higher interest in finding long term work abroad. Paula Covey mentioned that 76% of expats mentioned having changed jobs since living abroad and 58% were planning to remain in their country long-term. A study by Expat.com had also found last year that only 35% of 3, 500 expats had plans to return home at the time of their expatriation.
Expats mainly living in the United Kingdom, Canada, the United Arab Emirates and Singapore were surveyed. Most of them, 49%, mentioned they had initially moved abroad in search of better pay and financial benefits. For others, it was the search for a better quality of life that led them to move abroad. 71% of respondents had moved abroad with their families.