Betty Miao, Executive Vice President and Head of Retail Banking and Wealth Management for HSBC Bank Canada said, "What the latest research shows is that rather than aiming purely for higher wages or instant career success, many expats move to improve their overall life experience, seek a personal challenge or learn new skills. In fact, not only do expats feel Canada is one of the most diverse and inclusive destinations worldwide, they are also some of the most likely in the world to say that, above all, they came to Canada to improve their quality of life."
Report highlights for expats in Canada:
1) Canada welcomes you… and you... and you! Expats rank Canadaas the most welcoming destination worldwide regardless of a person's age, faith, race, gender or sexuality (62% of expats surveyed in Canadafeel this way, well above the global average of 36%). Furthermore, more than half (51%) of those surveyed say they feel "people can be open about their sexuality at work and with local friends" – almost twice the global average (26%) and second only to expats in New Zealand (62%).
2) Canada top-ten destination globally. Canada ranks a respectable 6th out of 39 countries on the Expat Explorer league table, based on a score that summarizes expats' overall views on individual countries. Of the expats surveyed in Canada, two-thirds (66%) say the quality of life is better than at home, compared to global average of 53%. In addition, three-quarters (75%) feel they can integrate with the local people and culture, compared to 61% of expats globally.
3) Family matters. For parents, Canada ranks in the top 10 destinations for family life. Nearly three-quarters (72%) of expat parents surveyed agree their children's quality of life has improved since relocating, compared to the global average of 58%. In addition, nearly seven in 10 (68%) parents say that the safety of their children is better than in their home country and only 2% of respondents believe the opposite is true.
Report highlights for expats globally:
1) For most expats, it's not about the money. A better quality of life and the desire to take on a new challenge are the main reasons for making a move abroad. In both cases, 37% of expats globally say these are the reasons why they moved, compared to just over a quarter (26%) who say they did so to improve their job prospects. In fact, 61% of expats haven't benefited from an immediate salary increase since moving.
2) Expat entrepreneurs blossom in the world's financial hubs. The vast majority of expats living in the world's financial hubs ofSingapore,Dubai, Hong Kong or London agree they are good places to start a new business (87%, 86%, 85% and 85% respectively). This is much higher than the global average of 56%.
3) Most generous expat packages are found in the Middle East.Besides high salaries and strong economic prospects, expats living in the Middle East can also enjoy unrivalled benefits packages. Health and medical allowances (70% of expats in the region benefit from these), annual trips home and airfare allowances (67%), and accommodation allowances (60%) are all far more likely to be offered as part of expat contracts in the region than in any other part of the world.
Added Miao, "While people's reasons to pursue expat life vary, the research also makes clear that there are some very common challenges faced by expats around the world. Everyday responsibilities such as paying bills and saving for retirement can be challenging as these tasks can involve multiple currencies across different countries. As a result, nearly three-quarters of expats feel their finances have become more complex since moving, which highlights the value of seeking help with this aspect of expat life."
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