Recession Making Life Difficult For Expats -Press Release
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Recession Making Life Difficult For Expats
LONDON, UK, June 24 – The current economic recession has had a large impact on the financial well being of Expats all over the world, according to Expat Explorer and announced by HSBC Bank International.
In the first of the three planned instalments for 2009, the survey showed that it’s not only regular people that are cutting back on spending – expats have cut their spending across the board and large numbers of UK and US expats are even considering returning home.
The survey is the largest of its kind and focuses on an economic section which determines the quality of life for expat based on four key economic factors: An increase in saving while living abroad, a disposable incoming of at least $3,000*, annual income of at least $200,000 and having at least two luxury items in the country they live in.
The US, Thailand and South Africa have been most affected by the recession, reducing their spending across the board as well as putting less money into savings or investment programs. Spain saw the largest reduction of essential items however, where 81% of expats have cut back. Almost half of UK expats and a quarter of expats in the US are considering a return home, although worldwide the average is a much lower 15%.
Head of Marketing and Communications for HSBC Back International commented: “As the world continues to undergo a significant economic shift, we are seeing some interesting patterns amongst the expat population, particularly in the changes to their spending habits. Despite expats in the UK and US considering a move home we also found that the majority of expats are staying put despite growing employment uncertainty across many regions.”
In contrast, Russia, Qatar and Saudi Arabia are the highest ranking countries as result of higher savings, higher annual salaries and amount of available disposable income.
“As with our 2008 survey, we are generally seeing that although expats are spending more in their new countries of residence, they are also saving more,” reported Mr. Say.
“There is no doubt that we have seen some interesting trends in terms of how expats are reacting to the credit crunch, but what is also interesting to see is that they remain to be a wealthy group of individuals. Over half of the expats surveyed are actually earning US$100,000 and over – no mean feat particularly in the current climate.”
Quick Facts
- Almost half of UK expats have considered returning home
- UK worst for saving behind France and Spain
- US, South Africa and Thailand remain the most affected locations
- However, despite the economic crisis, expats are still generally wealthier and able to save more than in their country of origin.
About Expat Explorer
Commissioned by HSBC Bank International and conducted by FreshMinds, a third party research company, the Expat Explorer survey is the largest worldwide survey of expats. The survey is now in its second full year and questioned over 3,000 expats between the months of February and April 2009. The idea behind the survey is provide a unique insight into how expat life differences based on their current country and country of origin.
For Further Information Please Contact
Betony Taylor
HSBC Bank International
+44-(0)1534-606004
Betony.taylor@hsbc.com
* All Figures are in USD.
Press Release Written by: Staff From Press Release Services
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