The majority of expatriates prefer to spend their cash living their dream lifestyle while living overseas as opposed to saving for their return home according to new research.
The research, which was completed by Standard Life, examined the lifestyle and saving habits of expatriates living in Singapore. A survey of expat spending patterns revealed that expats living in this area of the world prefer to spend their money on their dream lifestyle and few worry about saving for the future.
According to the results of the survey, 85% of expatriates living in Singapore earn more in the city than they did at home. However, despite the fact that 78% have more disposable, almost 25% fail to put money aside for retirement and more than 20% spend their hard-earned cash on holidays and travel. The results of the research also indicated that where expatriates do save, the money is put aside on a short-term basis to fund their lifestyles.
Discussing the results of the survey, Neal Armstrong, CEO and principal officer of Standard Life Singapore commented: “Singapore is one of the world’s most expensive cities to live in, making it easy to fall into the trap of spending more on short-term lifestyle luxuries, the abundance of nearby travel temptations and the commitment of returning home to visit family. This certainly seems to be the case for nearly a quarter of respondents who prioritize lifestyle choices over planning for their future.”
Interestingly, those expatriates who do not spend their money on leisure and lifestyle find that the majority of their increased income is spent on international school fees, which can reach as high as $40,000 USD per year.
The poll was conducted online, surveying 150 British and other European expats living and working here, over two weeks in April.