Costa living crisis: now both workers and retired are moving abroad to make their money go further

Cigna survey shows third of adults who are planning to relocate overseas believe they will be financially better off

• Third say better job market is top move motivator
• And 98% of those quizzed ranging from 20-something professionals up to 60+ retired age groups say financial health is as important to their well-being as physical and mental health

LONDON – 12 October 2022: Workers AND retired age groups are looking to move abroad and start a new life overseas due to the cost of living crisis, according to new research.

Almost 2 000 people took part in the annual 360 Global Well-Being Survey by international healthcare company Cigna.

And it reveals that almost a third (28%), which covers all age groups from young professionals to retired couples and singles, say they are keen to move overseas because they believe they will be financially better off compared to their previous lives back home.

With the cost of living increasing at nearly its fastest rate in 40 years, and according to BBC Online, prices in August were 9,9% higher than they were 12 months ago – the Cigna survey also reveals that more than a third (31%) of those quizzed say a better job market is the primary motivator in their planned move - while 4 in 10 (42%) say a new overseas lifestyle would be an improvement on their current one. Almost all (98%) say financial health and security is as important to their well-being as good mental and physical health, whilst ‘moving to be closer to family and friends’, is named by 22%. 

Despite those surveyed keen to move to be better off financially, a lack of access to healthcare is cited is a major concern for many. Currently, only a quarter (24%) of existing expats have access to a network of healthcare professionals and facilities, 20% have access to mental health support and services while only 25% have a medical coverage healthcare plan in place. 

Arjan Toor, CEO, Cigna Europe, said: “The cost of living crisis continues to take its toll in the UK - and with thousands now moving to mainland Europe where they say their money will go further, it’s become the ‘Costa’ Living Crisis. 

“Expats historically chose to move abroad for the sun, lifestyle, or the adventure, but clearly in 2022 the huge challenges of juggling bills and lifestyles are fast becoming the governing factor in the globally mobile group. However, whilst expats are reporting improved financial status and lifestyle, the lack of access to healthcare and mental health support are major concerns that require immediate attention. It’s hugely important that the globally mobile have health insurance and the necessary support that allows them to access healthcare wherever they are in the world, particularly when navigating potential language barriers, new cultures and long waiting times that plague many countries. At Cigna, we have a host of products and services designed by clinical experts that will help the globally mobile connect with the best care at the right time and in the right place – whatever they are faced with.” 

For further information and to be kept up to date with the latest offerings and news from within Cigna Europe, please visit https://www.cignaglobal.com/blog/company-news and https://comms.cignaglobal.com/wholehealth-europe.  

 

All data taken from Burned Out Overseas – The State of Expat Life 2022, part of Cigna’s 360 Well-Being Study