Satisfaction relocating to the islands higher than global average.

Tuesday 13 June 2023

New HSBC research on people relocating abroad has found that while the top reason is to seek a better lifestyle, the path to feeling settled and a sense of belonging is not straightforward which has implications for the Crown Dependencies.

The study, which surveyed over 7,000 people who have moved to live, study or work abroad has real relevance to Jersey, Guernsey and the Isle of Man as internationally dynamic business centres and hubs for international citizens, according to Cameron Senior, Interim Head of Wealth and Personal Banking at HSBC Channel Islands and Isle of Man.

The study suggests that international citizens relocating to the Channel Islands and Isle of Man experience a more accommodating destination than other fellow relocators. On average international citizens said they took 7.6 months to settle into their new home in the islands compared to the global average of 8.3 months, with over half of respondents indicating they felt settled in within six months. 19% said it took over a year to settle into their island home, compared to the global average of 23%. 

The workplace has a key role to play when it comes to relocating too, with networking cited as one of the key factors that help international citizens settle, alongside socialising with others (41%). In addition, colleagues at work (28%) and their new employer (25%) were felt to be the most helpful groups of people to support them settling into their new surroundings. 

Pictured: Cameron Senior.

Cameron Senior said that his firm can recognise “the barriers people can face as they relocate abroad".

“Relocating to somewhere new can provide some amazing experiences, but it can also be a challenge and take some time to truly feel a sense of belonging somewhere new. As finance and business centres with truly international dynamics, these findings should resonate with people, governments and businesses in Jersey, Guernsey, and the Isle of Man.

“This study provides some fascinating insights into where the islands score well, but also how we could help people feel a greater sense of belonging when moving here.”