A growing number of young Americans are contemplating life beyond their borders, with aspirations to seek better opportunities and experiences overseas. According to an October survey conducted by Preply, a language tutoring platform, this sentiment is echoed by 1 in 4 American Gen Zers, who express a strong inclination to relocate for enhanced social programs, such as universal healthcare, as their primary motivation for living abroad.
The survey, encompassing 3,000 individuals aged 18 to 26, reveals a diverse array of reasons motivating this desire to migrate. Alongside the pursuit of better social programs, 19% of Gen Z Americans cite a craving for new cultural experiences, while 18% highlight the high cost of living in the U.S. and 17% express discontentment with the political landscape as drivers for their aspiration to relocate overseas.
A staggering 59% of respondents pinpoint gun violence in the U.S. as a significant factor fueling their contemplation of living elsewhere.
In unveiling their preferred destinations for a new life abroad, the survey identified the top 10 countries capturing the imaginations of young U.S. adults:
- United Kingdom
- Canada
- Japan
- Netherlands
- Singapore
- Australia
- Switzerland
- Italy
- Germany
- Ireland
The predominant presence of English-speaking countries atop this list caters to the 67% of respondents who express a lack of proficiency in a second language. Notably, Italy, Germany, and Japan stand out among OECD nations for their substantial investment in social programs relative to their gross domestic product. Additionally, sought-after locales such as Singapore and Australia, known for their warm climates and robust expatriate communities, also resonate strongly with young Americans seeking new horizons.
This aspiration for a life abroad isn’t merely transient. A significant portion—34%—expresses the intent to live outside the U.S. indefinitely, with another 33% contemplating stays ranging from 1 to 3 years. A mere 12% entertain the notion of a brief sojourn abroad, underscoring the seriousness of their intent.
Surprisingly, a resounding two-thirds of respondents express readiness to start a family abroad. Moreover, the inclination to depart the U.S. and embrace life overseas intensifies with age for a substantial majority, signifying a deepening commitment to this transformative journey.
This burgeoning trend sheds light on a generation’s yearning for a better quality of life, access to improved social amenities, and a quest for diverse cultural encounters, propelling them beyond national borders in pursuit of their dreams. As these aspirations burgeon, ImpactWealth.org aims to continue fostering dialogue and understanding around the evolving aspirations of young Americans seeking opportunities beyond their homeland.
Key considerations for aspiring expats
Moving abroad offers a raft of advantages and opportunities, but it’s not always easy. Key considerations for those thinking of relocating to a different country include finding a job and somewhere to live, overcoming language barriers, creating a support system, making friends, and taking care of your finances.
Finding somewhere to live can help you settle fast, find friends, start earning money and put down roots. Searching online has become more commonplace. From rental properties and home swaps to flat shares and apartments to buy, you can get an idea of what’s available, find suitable options and make arrangements before you travel.
Another key issue to think about is opening a bank account and understanding your tax obligations at home and abroad. Seeking financial advice and researching online using reputable resources and websites can help you find the best US banks for American expats and discover tools designed to make life easier for those looking to settle or work overseas. It’s crucial to focus on high-profile, established, top-rated banks and organizations and read the terms and conditions.
Getting a job can ease financial pressure, help you transition and meet new people. You can look for positions once you reach your chosen destination or search and apply for jobs online via dedicated job websites or recruitment firms. It’s wise to make sure you understand your rights in terms of earning potential and work opportunities before accepting job offers. Always read employment contracts and agreements, and don’t be afraid to ask questions before making decisions.
Also read: Typical Americans Gained $38,700 in Wealth Amid Pandemic
