Friday, May 29, 2020

Cost Of Living Overseas Is A Shock For Expats

Must read

Struggling Forex Broker Bought Flats With Company Funds

A forex broker whose company was approaching financial meltdown switched £1.05 million from a business account to buy two apartments in Dubai in a...

Stock Markets Slump To Worst Quarter In 37 Years

Stock markets slumped to record losses in the first three mnths of the year due to fears over how coronavirus impacts the world economy...

Operation Airlift Underway For Brits Stranded Abroad

The British government is working with partner airlines to bring thousands of stranded travellers back to the UK. Foreign Secretary Dominic Raab has set aside...

Expat Landlords Get Buy To Let Mortgage Aid

The financial pain of coronavirus uncertainty for buy to let landlords has been eased by the housing minister. Secretary for Housing Robert Jenrick is extending...

The cost of living in a new country is a concern for many expats who find their bills are higher than expected.

Half are forking out more than planned after moving, research by Axa Global Healthcare reveals.

Expats with families are especially hard hit, with 40% shocked by the cost of higher education and one in three finding childcare cost much higher than anticipated.

Tom Wilkinson, CEO at AXA Global Healthcare said: “The cost of living varies massively around the world, and even across different regions in the same country, so it’s important on any international secondment to be aware of your spending and manage your finances appropriately.

Managing money

“If you’re not sure where to start, there are plenty of resources online – and even apps available – that could help make managing your money a little easier.”

The cost of private health care was surprisingly low for many, with just 2% concerned about the price.

“The key to being prepared for healthcare costs abroad – especially if you have a pre-existing condition – is to ensure that you have a good grasp of the services and facilities available in your new home,” said Wilkinson.

“In countries where certain treatments are difficult to come by or particularly expensive, it may even be worth considering how international health insurance could help you to manage your healthcare needs.”

Where to research living costs

Expats drafting a budget can find cost of living costs for hundreds of cities and countries free online.

Some of the most popular places to look for data and comparisons are:

Bermuda is listed as the most expensive country to live at 214% more expensive than the Czech Republic, while India is the cheapest, at 35% lower.

Switzerland typically takes the top ranking for the dearest place to live for expats.

Data compares prices, property, crime, health care, pollution, quality of life, traffic and travel.

- Advertisement -

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest article

Struggling Forex Broker Bought Flats With Company Funds

A forex broker whose company was approaching financial meltdown switched £1.05 million from a business account to buy two apartments in Dubai in a...

Stock Markets Slump To Worst Quarter In 37 Years

Stock markets slumped to record losses in the first three mnths of the year due to fears over how coronavirus impacts the world economy...

Operation Airlift Underway For Brits Stranded Abroad

The British government is working with partner airlines to bring thousands of stranded travellers back to the UK. Foreign Secretary Dominic Raab has set aside...

Expat Landlords Get Buy To Let Mortgage Aid

The financial pain of coronavirus uncertainty for buy to let landlords has been eased by the housing minister. Secretary for Housing Robert Jenrick is extending...

Financial Package On The Way For Self-Employed

Financial support is coming for freelance and self-employed expats who pay their taxes in the UK, Prime Minister Boris Johnson has promised. In his last...