Alliance &Leicester has revealed that despite the cheaper lifestyle, many of those who have headed for the allure of sun, sea and sand have neglected to add the final S word of savings to that list.
The survey shows that three out of ten expatriates have failed to increase the amount they save now that they live abroad, and one in eight don’t save at all.
The expatriate lifestyle in Spain means that, despite lower living costs, only six out of ten say they have increased their savings since leaving the UK, compared to eight of 10 expatriates in Germany .
One in eight expatriates living in Spain do not save anything, compared to only one in 16 of those UK citizens living in Belgium .
Simon Hull, managing director of Alliance &Leicester International Limited, commented: "Whilst many expatriates find a lower cost of living, beneficial taxation and increased income by living abroad, this does not mean that they can increase the amount of money they put away for their future.
"The good news is that this ‘expatitis’ is curable and financial advisers have a crucial role to play in persuading sufferers to curb their extravagance and save for their future."
Ex-pat Brits fail to nurture savings accounts
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Ex-pat Brits fail to nurture savings accounts
Fri, 02 Sep 2005
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