Alliance and Leicester: Expats failing to save

12 September 2007
Expatriates are moving to more diverse countries than ever before to climb the career ladder yet over two thirds of them are not taking advantage of offshore savings accounts, according to research from Alliance and Leicester International.

The recent study showed that while a third (32%) of expatriates are giving up their homes and jobs in the UK for new lives abroad, the expatriate community is becoming more diverse than ever. But despite taking the plunge and heading overseas, many expats lifestyle choices and financial habits remain for the most part, unchanged.

The research revealed that today’s expat has lived abroad for between one and five years (46%) yet over two thirds (70%) do not set up an offshore savings account when they relocate meaning they are missing out on high interest rates.

Simon Hull, Managing Director of Alliance and Leicester International comments: “Although in today’s diverse society there is no such thing as a ‘typical’ expat, people consistently fail to open an offshore savings account when moving abroad. With reliable internet access now widely available in most countries, expat workers can safely and easily find the best ways to save their wages.”

The study further revealed that almost three quarters (70%) of expatriates use the internet on a daily basis mainly to keep in touch with family and friends, monitor the news, and manage their finances.

A further 40% of expats surf the web for up to an hour a day meaning that regardless of their location, they can easily catch up with current events, and save their wages in one stress-free sitting.

The most popular destinations for those seeking new lives in the sun currently include the Middle East, Australia and the USA (40%) where Brits are heading to take up their dream jobs and advance their careers. Other areas that have seen recent growth include Africa, Singapore, Thailand and Russia.

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