NEW YORK, March 27, 2023–(BUSINESS WIRE)–New research commissioned by HSBC reveals how international investors are making both personal finance and investing decisions as they cross borders and move overseasꟷthe U.S. is the leading destination among international investors in our survey, with 27% investing there, followed by 20% investing in the UK. From an investing perspective, study findings showed:
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67% of international investors plan on investing in their new location
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68% of international investors would do more overseas investing if they had better access to guidance
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36% of international investors own a property overseas
“Banking across borders is a smoother process when using our systems and platforms, especially when investing and seeking wealth guidance,” said Mark Pittsey, Interim U.S. Head of Wealth and Personal Banking at HSBC. “Many of our clients are true internationalists, and we’re here to support them at multiple points across their wealth journey.”
Motivations for moving
As inflationary pressures and the rising cost of living affects consumers in some countries and territories, HSBC finds a quarter (25%) of respondents are motivated to move to earn more money, and over a fifth (22%) move (or plan to move) to make their money go further. Yet one in two (51%) respondents who are planning to live, work, or study abroad say that nobody has helped them feel financially prepared to relocate.
A majority (62%) of respondents who are planning a big move, agree that finding the right financial services to suit their needs was a worry. This rises to over two thirds (67%) among digital nomads, i.e. adults living abroad (or plan to move abroad) who are taking advantage of remote working rules.
Top reasons for relocating to work or study abroad among international citizens in the survey
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29% |
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27% |
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25% |
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24% |
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24% |
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23% |
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22% |
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22% |
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21% |
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19% |
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18% |
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17% |
The study, conducted by Ipsos UK, surveyed over 7,000 adults across nine international locations and included a range of different international citizens, including expat families, digital nomads and overseas students. HSBC estimates there are over 90 million potential international customers across just ten of its key international markets.
The study comes as HSBC is relaunching its international products and services to better support clients across borders for a seamless cross-border experience, whether they’re moving for work, study or to live in a new location.
The products and services may be available across the following countries and territories: Australia, Canada, Mainland China, Channel Islands & Isle of Man, Hong Kong, India, Singapore, UAE, UK, and US.*
For more information, visit: https://internationalservices.hsbc.com/
For a full description of the methodology, please refer to https://www.ipsos.com/en-uk/new-hsbc-research-reveals-financial-challenges-relocating-abroad
* For clients located outside of the US – Our products and services are not specifically directed at individuals located in the European Union. Our US representatives, as well as our public website, us.hsbc.com, provide products and services governed by US laws and regulations. Our products and services, as well as their specific terms and conditions, are subject to change and may not be available in all territories or to all customers. If your product requires a contract, application, disclosure, or other document to be signed, such document(s) will be deemed executed in the US and only acted upon after you have signed them and they have been received by HSBC in the US. If you are not located in the US, the laws and regulations of your country of residence could affect the offering, negotiation, discussion, provision, and/or use of HSBC US products and services. If you are not a US resident, please read the specific cross-border product and service disclaimers, which are available on the Cross Border Disclosure page of our public website at www.us.hsbc.com/crossborder.
About HSBC
HSBC USA Inc. (“HUSI”) is a Maryland corporation and its principal business is to act as a holding company for its subsidiaries including HSBC Bank USA, N.A. Through HSBC Bank USA, N.A. and its affiliates including HSBC Securities (USA) Inc., HUSI offers a full range of traditional banking products and services to individuals, including high net worth individuals, corporations, institutions and governments. HSBC USA Inc. is a wholly-owned subsidiary of HSBC North America Holdings Inc. Investment and annuity products are offered by HSBC Securities (USA) Inc., member NYSE/FINRA/SIPC.
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 62 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$2,967bn at 31 December 2022, HSBC is one of the world’s largest banking and financial services organisations.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230327005066/en/
Contacts
Media enquiries to:
Matt Kozar
Vice President, External Communications, U.S.
[email protected]
