Expats are flocking to the U.S. for career opportunities, according to the new Expat Explorer survey released today by HSBC Bank USA. 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.
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 well being.
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.”