Expatriates Living Abroad Not Immune to Global Financial Crisis

If you thought it was only Britons stuck in the UK who are being heavily impacted by the state of the global economy, you’d be wrong.  It seems that expatriates living abroad are not immune to the global financial crisis either, and their spending and saving patterns have changed substantially as well.

In a new survey conducted by Bupa International, it has been revealed that expatriates the world over are being impacted by financial instability, falling property prices and even currency fluctuations.  However, this shouldn’t necessarily put you off a move abroad…

This is because the same expats questioned in the survey about their financial concerns also admit to having a better, healthier and happier life abroad!

Clearly the state of the world’s economies is not something that any of us can ignore.  Whilst in the UK we have seen rising inflation, falling property prices and increased numbers of job losses, elsewhere in the world British expatriates are feeling the financial strain as well.  Many fear for their jobs, others are well aware that they will not be in receipt of a pay rise or a bonus this year.  For expatriates who still have a property in the UK, they are of course concerned about the British housing market too.

The expat survey conducted by Bupa also reveals that of the 1,354 expats questioned, 40% have been affected by falling property prices in their new nation as well.  What’s more, 55% stated that currency fluctuations are having a very real and a very negative impact on their lives.  The pound has again fallen against the euro, and for those living in the likes of Spain or Cyprus for example, and who earn a pension income in pounds perhaps, this is putting a real strain on day-to-day living costs.

Those who are living and working abroad are finding they can save less, with 45% of respondents saying that they are generally saving less now as a result of the economic downturn, and over a third advising that they are concerned about the impact all of this will have on their pension.  Other findings of the report reveal that 54% of respondents are spending less in general, with 40% spending less on the likes of holidays and clothes.

However, as stated it’s not all doom and gloom for these expats, because the vast majority also admit that their lifestyle is better now that they live abroad.  Improved weather and diet were cited as reasons for this better lifestyle, and getting more exercise and enjoying a better pace of life contributed to the majority feeling healthier since moving abroad.

This survey shows us that whilst the grass isn’t necessarily completely greener abroad, you can still enjoy a healthier and happier lifestyle.  In fact, we see this survey as something of a reality check for would-be expats in that it reveals that no matter where in the world you live, the boring aspects of everyday life such as money worries, savings and pensions never change.  But if you can accept this fact, you can benefit from moving abroad and discovering a new world where the sun shines, the pace of life is more laid back and you’re healthier and happier!