The top 5 aspects of overseas immigrants worldwide: HSBC

The top 5 aspects of overseas immigrants worldwide have been revealed by the “Expat Explorer Broadening Perspectives” Global Report by HSBC. It elaborates that the way in which overseas immigrants assess their needs is influenced by a distinctive set of circumstances.

Expat tenure has a huge influence on the attitudes of overseas immigrants. This is truer when it comes to management of money. It is more likely that short-term immigrants will have most of their wealth in the home nation than others. Serial immigrants tend to invest wealth in both their home and host nations. They are also more likely to possess wealth that requires management.

Serial immigrants have a more nomadic lifestyle. They possess an obvious need for banking relationship at the overseas and local level. This is for broadly supporting their intricate wealth management needs. This is also true for those who earn a high income.

36% of high earners with 200,000 $ plus salary expressed the need for both local and global banking. The immigrants’ plans for their money are diverse. These are also equally impacted by life-stage as for non-immigrants.

Just less than 31% of immigrants in the age range of 35 to 54 years are saving for the education of their children. They are most likely to possess young families. This generation is also mainly to be paying for insurance to protect themselves, their property, family, and possessions.  They are also mostly to be actively investing or saving something specific. This is with 89% in comparison with 80% immigrants aged 55 and above.

Imminent retirement is also compelling 49% of the immigrants in the age of 55 and above to keep aside savings or invest for future life. For those in the age range of 18 to 34 years, purchasing property is the top priority.

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