Not voting for Turkey
Turkey ranks 6th last in HSBC’s Expat Explorers’ survey of favored countries
Turkey provides relatively good living opportunities for foreigners but can not meet their economic expectations, especially for a career, according to the 2016 edition of the HSBC Expat Explorer survey.
Turkey ranked 39th among the 45 countries in which all categories were evaluated – below Qatar and China but ahead of Peru and Egypt; last year it ranked 36th out of 39 countries. In terms of political stability, expats ranked Turkey second last after Brazil.
The Expat Explorer survey, conducted by the HSBC Group through interviews with more than 26,000 foreign employees in 190 countries, examines areas including career opportunities, financial returns, living standards, security and family-friendly environment.
Failures in economic category
According to the survey results, among the economy-related questions, Turkey could only enter the top 30 in the savings and disposable income categories. Job security, career opportunities, work-life balance and salary increases were among the categories in which Turkey found itself in last place. Though the country did shine in the living standards category, ranking 18th (among 45 countries) in this area. Security, health services and finance floored Turkey’s ranking while it attained high positions in subcategories such as culture, integration, acquisition of property and healthy living.
The living standards of expats’ families were among the most important issues for foreign workers. Turkey performed relatively moderately – ranking 31st – in this category. This was the area where Turkey showed the highest im- provement compared to last year, when it came 38th among 39 countries.
However, some subcategories highlighted serious problems. Foreign employees evaluated Turkey as the worst among all countries surveyed in terms of the quality of schools. This result is in line with OECD research, which also reveals the poor quality of education in Turkey. The sub-areas that saved Turkey from falling into last place in this category were child-raising costs in connection with social life, integration and education quality.
Y-generation live abroad to build careers and financial returns
The survey also reflects the tendencies of foreign workers as well as country rankings. According to the survey, Y-generation foreign workers (born between 1980 and 1999) live abroad to progress their careers and improve in new areas. Almost half of the foreign workers in this group find the work they do abroad more satisfying than in their own country.
Almost a quarter (22%) of Y-generation foreign workers indicated that their desire to direct their own careers and acquire new goals was influential in moving abroad. This ratio is 14% for expats aged between 34-54, while only 7% of expats over 55 cited this reason as to why they live abroad. Having said that, the survey shows that Y-generation expats are looking for new challenges. Two out of every five participants in this group (43%) said they went abroad for a different experience, while this ratio falls to 38 percent for expats aged between 34-54 and to 30 percent for those over 55 years old. Practically half (49%) of Y-generation expats find their work abroad to be more satisfying than in their own country.
Working abroad speeds up long-term financial ambitions
The majority of expats indicated that working abroad more efficiently enables them to reach long-term financial targets. Two out of every five expats who participated in the survey said that moving abroad accelerated the processes for saving for retirement (40%) or buying real estate (41%). Around one third of respondents (29%) indicated that living abroad provides opportunities to save for the education of their children.