Monday, June 15, 2009
Category:
Secured Loans
According to the latest Natwest International Personal Banking Quality of Life Report, 87 percent of British expatriates feel that they are in a better position to see their way through the recession whilst abroad.
Despite 68 percent admitting to being nervous about the economic downturn, they are not fearful of having to return to the UK. In fact, 74 percent said that they are not concerned about this at all.
However, irrespective of this, it would seem that the prevailing economic predicament has not gone completely unnoticed, with 78 percent of British expats claiming to have seen a change in their overall quality of life. The study also revealed that 96 percent have concerns surrounding the value of their savings. For 87 percent, concerns are prevalent regarding the value of every day goods, whilst 86 percent are concerned about increases in the price of food. Nevertheless, the possibility of job losses was found to be a concern for just 14 percent.
In spite of the concerns expressed, expats would not appear to be adopting a more careful approach to their finances, which may indicate a greater feeling of security among those abroad. 44 percent have refrained from reigning in their spending and 48 percent have not made an effort to save more. In addition, 42 percent have not postponed making significant purchases and 44 percent have not held off making holiday plans to save the pennies. 64 percent are satisfied with their finances and are pleased to be living abroad regardless of the global economic problems.
Head of NatWest International Personal Banking, Dave Isley, remarked: "The dream shared by many Brits of living a prosperous life abroad still appears to be alive and kicking, despite the global economic factors which have to some extent affected British expats. However, it seems that 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. The latest NatWest IPB Quality of Life Index reveals that British expatriates are perhaps concerned about rising everyday costs, food prices and the effects on savings due to fluctuating exchange rates that the global downturn has had, but not to the extent that they largely need to save more and spend less. 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".
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Homeowners in the UK, who are feeling the pinch from the credit crunch, may wish to consider taking out a debt consolidation loan which could potentially reduce monthly outgoings. Debt consolidation loans, one of many options to consolidate existing debts, will result on one monthly repayment, rather than having to pay several bills on different dates. When taking out a
debt consolidation loan, it must be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
