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Poll shows Brit expats more comfortable about personal finance
| Published: | 20 May at 6 PM |
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A recent poll showed an increase in the number of British expats living overseas who feel positive about their current financial situations.
The survey, undertaken by financial advisory organisation deVere Group, showed that 54 percent of those who took part feel more confident about their current financial status. Those feeling less confident represented 19 per cent, and the inevitable ‘don’t knows’ came out at 27 per cent.
Participants in the poll were drawn from the firm’s existing and potential clients in Switzerland, China, France, Germany, Spain, South Africa, Hong Kong, Italy, Russia,, the USA, Thailand and the UAE. According to the company’s CEO, the results are encouraging given the last few years, but were expected for three reasons.
Most believe the global economy is about to turn away from the dark years following 2008, with China still avoiding its predicted hard landing and the US economy slowly backing away from the edge of its fiscal cliff. A good number of expats surveyed were working in high level jobs in Russia, China and Hong Kong, having first secured excellent employment packages including high salaries.
Expats are also able to reduce their tax liabilities simply by taking advantage of their expat status and, especially for retirees, popular destinations such as Thailand have a comparatively low cost of living. However, the danger of being pressured into unwise or unsuitable investments by unscrupulous expat FAs preying on newcomers is now a recognised threat in regions such as Spain, the UAE and Southeast Asia.
The survey, undertaken by financial advisory organisation deVere Group, showed that 54 percent of those who took part feel more confident about their current financial status. Those feeling less confident represented 19 per cent, and the inevitable ‘don’t knows’ came out at 27 per cent.
Participants in the poll were drawn from the firm’s existing and potential clients in Switzerland, China, France, Germany, Spain, South Africa, Hong Kong, Italy, Russia,, the USA, Thailand and the UAE. According to the company’s CEO, the results are encouraging given the last few years, but were expected for three reasons.
Most believe the global economy is about to turn away from the dark years following 2008, with China still avoiding its predicted hard landing and the US economy slowly backing away from the edge of its fiscal cliff. A good number of expats surveyed were working in high level jobs in Russia, China and Hong Kong, having first secured excellent employment packages including high salaries.
Expats are also able to reduce their tax liabilities simply by taking advantage of their expat status and, especially for retirees, popular destinations such as Thailand have a comparatively low cost of living. However, the danger of being pressured into unwise or unsuitable investments by unscrupulous expat FAs preying on newcomers is now a recognised threat in regions such as Spain, the UAE and Southeast Asia.
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