Expats Brits feel better equipped to beat recession abroad

Nearly nine in ten British expats believe they are better placed to weather the global recession abroad, then in the UK, according to new research.

The NatWest International Personal Banking (NatWest IPB) Quality of Life Report found, despite the knock-on negative effects of the current crisis, most British expats believe they made the right decision to leave the UK and feel they are better off than if they returned home.

Undertaken in conjunction with think tank Centre for Future Studies, the survey focuses on how expats perceive the reduction in quality of life, property prices, the declining value of savings and pension funds, likelihood of unemployment and future prospects in the country they are living in.

The study also found, while 68% of the 2,034 expats surveyed are "nervous" about the global economic climate, they are not concerned the financial circumstances may force them to return to the UK.

However, over three quarters said the current situation in the country they are living in has affected their overall quality of life to some extent.

Approximately 96% of British expats said they are concerned about the declining value of their savings, while 87% are concerned about the price of food and everyday goods. Yet, only 14% were concerned about the real possibility of job losses.

Overall, 64% of those surveyed said they feel comfortable with their current financial position and are happy to live abroad despite the current economic conditions. Furthermore, around half of expats said they had not attempted to save more.

The United Arab Emirates topped the Financial Confidence Index, based on the level of concern shown by expats across all financial factors.

British expats living there are least concerned about their financial situation, followed by Singapore and China. Expats in the USA showed the least financial confidence of all expats surveyed.

"Despite the obvious financial concerns shared by many at the moment, which vary from country to country, many expats feel much better prepared to weather the financial storm abroad," says Dave Isley, head of NatWest IPB.

"It really would appear that they are finding the current economic pressures easier to manage in an environment where the quality of life is higher than the UK and the work-life balance more enjoyable."