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HSBC Survey | 19
cr
Ensuring
edit crunch has changed their attitudes to returning home due to the global economic crisis. earning between US$3500 and US$4000 less.
spending and saving). Surprisingly, almost three- The main reasons for choosing to return Food is officially one of the greatest costs to
quarters (72%) of expats based in Thailand also h expats in the UK, with 68% of expats claiming they
reported that global recession has had an impact circle6
ome included:
are spending more since moving to Britain. The
on what they spend despite reporting that circle6
Limited career prospects (28%)
only country to have higher food costs is Switze-
Thailand is one of the cheapest places to live circle6
Reduced value for money (19%)
rland. In contrast, 62% of USA’s expats spend less
compared with other locations around the world. circle6
Cannot afford as good a lifestyle (16%)
Reduced length of contract (15%) on food than they did in their native countries. In
quality car
Conversely, two-thirds (63%) of expats living However, despite the credit crunch, a resound- terms of entertainment costs, more than half
in Qatar said the credit crunch would not change ing 85% of expats said they would not return to (58%) spend more in the UK than back home.
their attitudes at all. Expats living in Bahrain their native countries. A staggering 78% of expats agree that they pay
were also unwilling to let the latest economic more for transp
HSBC Bank International Expat Explorer Survey 2009
ort in the UK than anywhere
The UK remains one of the mos
e at a
doom and gloom affect their lives (55% said that t e
to be the most expensive country to be an expat), and a staggering 98% in Saudi
lse. On average only 30% worldwide think they
Arabia.
their attitude to spending would not change) – expensive places for expats to spOf those expats in the UK who report that their disposable income is reduced, 81% earn up to US$3000 end more travelling than back home.
indicating that, according to this research, the live – and the recession has taken
a month less, with 15% earning between US$3500 and US$4000 less.
When it comes to savings and investments, 8%
Middle East has not been hit as hard by the cred- its toll o
) R R G L V R I � F L D O O \ R Q H R I W K H J U H D W H V W F R V W V W R H [ S D W V L Q W K H 8 .
f expats worldwide, compared to a quarte
Z L W K R I H [ S D W V F O D L P L Q J W K H \ D U H
spending more since moving to Britain. The only country to have higher food costs is Switzerland. In
r
it crunch as other regions. When asked how they The UK emerged as an expensive destination in (27%) ocontrast, 62% of USAfexpats ’s expats spend less on food than they did in their native countries. In terms of living in the UK, admitted that
have changed their lifestyles, over half (60%) of many categories. Compared with life in their th
entertainment costs, more than half (58%) spend more in the UK than back home.
ey save less than they did before they moved.
expats worldwide said they have cut down on home country, high proportions of expats in the
A staggering 78% of expats agree that they pay more for transport in the UK than anywhere else. On
luxuries, 54% on day-to-day expenses and 36% UK claim they now spend more on their Saving habits in c
average only 30% worldwide think they spend more travelling than back home.
ountry of
stated they were saving more (for a rainy day). accommodation (79%), transport (68%), holi- r
When it comes to savings and investments, 8% of expats worldwide, compared to a quarter (27%) of
expats living in the UK, admitted that they save less than they did before they moved.
esidence
Only 2% of expats stated they planned to spend days (62%), utilities (61%) and entertainment
HSBC Bank International Expat Explorer Survey 2009
more this year than pHSBC Bank International Expat Explorer Survey 2009reviously. Interestingly, it (58%). In fact, expats in the UK spend more of Saving habits in country of residenceto be the most expensive country to be an expat), and a staggering 98% in Saudi Arabia.
Of those expats in the UK who report that their disposable income is reduced, 81% earn up to US$3000
was the expats living in Canada and Saudi Arabia their income on accommodation than expats
a month less, with 15% earning between US$3500 and US$4000 less.
that w
how they have changed their lifestyles, over half (60%) of expats worldwide said they have cut down on
ere most inclined to spend rather than save living anywhere else in the world (85% of UK-
) R R G L V R I � F L D O O \ R Q H R I W K H J U H D W H V W F R V W V W R H [ S D W V L Q W K H 8 . Z L W K R I H [ S D W V F O D L P L Q J W K H \ D U H
spending more since moving to Britain. The only country to have higher food costs is Switzerland. In
– almost o
luxuries, 54% on day-to-day expenses and 36% stated they were saving more (for a rainy day). Only 2%
contrast, 62% of USA’s expats spend less on food than they did in their native countries. In terms of
of expats stated they planned to spend more this year than previouslyne in 10 (8%) reported this behaviour. . Interestinglybased e, it was the expats xpats rank their home as their greatest
entertainment costs, more than half (58%) spend more in the UK than back home.
living in Canada and Saudi
Those least likely t
Arabia that were most inclined to spend rather than save – almost one in 10
o cut down on luxuries were expenditure). The second and third related items
A staggering 78% of expats agree that they pay more for transport in the UK than anywhere else. On
(8%) reported this behaviour.
average only 30% worldwide think they spend more travelling than back home.
that they spend their
When it comes to savings and investments, 8% of expats worldwide, compared to a quarter (27%) of
expats living in the UK, admitted that they save less than they did before they moved.
Attitudes to spending in r
Attitudes to spending in response to economic crisis
esponse to economic crisis cash on was found to be
Saving habits in country of residence
food and entertainment.
Worldwide, 74% oHSBC Bank International Expat Explorer Survey 2009f
respondents claim to
ha
R
v
egional League T
e increased disp
ables
os-
ab
$
le inc
U H J L R Q D O R X W O R R N R I T X D O L W \ R I O L I H D F F U R V V W K H F R Q W L Q H Q W V (
ome since
X U R S H 0 L G G O H ( D V W D Q G $ I U L F D $ V L D 3 D F L � F
be
a
c
nd
oming e
the Americas.
xpats, yet Crunch indicator
this figure falls to just Crunch indicator
47% o
Europe
f expats living in
Crunch indicator
the UK. In comparison,
72% of expats in the
USA say they have more
disposable income than
the expats living in Qatar (44%), Saudi Arabia before, 87% in the UAE, 76% in Switzerland
(44%),
Those least likely to cut down on luxuries were the expats living in Qatar (44%), Saudi
Brazil (45%) and surprisingly, Russia (which is also p
Arabia (44%),
Brazil (45%) and surprisingly, Russia (45%) - where cost of living was reported to be high. Those least
erceived to be the most expensive
(45%) - w
likely to cut down on luxuries were the expats in the US and the UK, but this group also ranked highly for
expats considering returning home due to the global economic crisis.
here cost of living was reported to be country to be an expat), and a staggering 98% in
hiThe main reasons for choosing to return home included:gh. Those least likely to cut down on luxuries Saudi Arabia. Of those expats in the UK w
Middle East and Africa
ho
we
Limited career prospects (28%)
re the expats in the US and the UK, but this report that their disposable income is reduced,
group also r
Reduced value for money (19%)
anke
HSBC Bank International Expat Explorer Survey 2009
d highly for expats considering 81% earn up to US$3000 a month less, with 15%
7
Cannot afford as good a lifestyle (16%)
Regional League TRegional League T
Reduced length of contract (15%)
ables ables
A rHowever, despite the credit crunch, a resounding 85% of expats said they would not return to their native
7
$ U H J L R Q D O R X W O R R N R I T X D O L W \ R I O L I H D F F U R V V W K H F R Q W L Q H Q W V (
egional outlook of quality of life accross th
countries.
X U R S H 0 L G G O H ( D V W D Q G
e continents -
$ I U L F D $ V L D 3 D F L � F
Eand the urope,Americas.Middle East and Africa, Asia Pacific and the Americas.
$ V L D 3 D F L � F
Europe
The UK remains one of the most expensive places for expats to live – and the recession has taken its toll
The UK emerged as an expensive destination in many categories.
Compared with life in their home country, high proportions of expats
in the UK claim they now spend more on their accommodation (79%),
“Expats living in the UK
transport (68%), holidays (62%), utilities (61%) and entertainment
struggle to save due to the
(58%). In fact, expats in the UK spend more of their income on
high cost of living – more
accommodation than expats living anywhere else in the world (85%
than a quarter report having
of UK-based expats rank their home as their greatest expenditure).
to reduce their savings and
The second and third related items that they spend their cash on was
investments”
found to be food and entertainment.
Middle East and
Worldwide, 74% of respondents claim to have increased disposable income since becoming expats, yet
W K L V � J X U H I D O O V W R M X V W R I H [ S D W V O L Y L Q J L Q W K H 8 . , Q F R P
Africa
S D U L V R Q R I H [ S D W V L Q W K H 8 6 $ V D \ W K H \
have more disposable income than before, 87% in the UAE, 76% in Switzerland (which is also perceived
The Americas
6
$ V L D 3 D F L � F
www.investmentinternational.com July/August 2009 Investment International
8
The Americas
8
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