Key Points
- Over one million Australians live overseas either for work, travel or study.
- New research highlights the financial challenges faced when settling into a new country with half (50%) of survey respondents agreeing that they have no idea how they'll manage their finances including setting up bank account, utilities, and the internet.
- When moving abroad, experts advise to know and understand the living costs and tax considerations in the new country; plan ahead about your finances including how much you must save before relocating.
According to the Department of Foreign Affairs Smartraveller website, at any time, there are around one million Australians living and working overseas.
Moving abroad might present an exciting opportunity and experience to many but there are challenges along with it too.
New research reveals that almost half (50%) of Australian adults planning to relocate abroad have no idea how they’ll manage their finances between locations when they move.
"One in two survey respondents who are planning to live, work, or study abroad haven’t had anyone help them feel financially prepared to relocate," Jessica Power, Head of Wealth and Personal Banking for Australia at HSBC, the company that conducted the survey.
Filipino musician Boyet Vasquez agrees that given the time after the pandemic when everyone is trying to recover from the economic impact it had across the globe and the challenges of finding a regular job, the struggle is real for having recently moved to Australia.
"There are a lot of opportunities here but for me, I am still struggling to find a regular job.
"I’m applying for a regular job, not in particular in music but it's a challenge. Any job I could get, I'll apply just to get a regular job, regular income.”
Guitarist and musician Boyet Vasquez moved permanently to Australia in 2022 after more than a decade of working in the cruise industry. Credit: SBS Filipino/Annalyn Violata
"Plan ahead about your finances including how much savings you might need to set yourself up."
