Expats caught off-guard with high costs of living abroad

Pedro Gonçalves
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Expats caught off-guard with high costs of living abroad

Expats are finding life abroad to be more expensive than they anticipated, with 51% of expats saying it is surprisingly expensive in their new home country, according to research by AXA Global Healthcare.

Forty per cent also say higher education is more expensive than expected, while 35% found childcare costs to be too high.

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. 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 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"

Another expense that expats are concerned about is healthcare, with 2% of those living abroad worried about the cost of health treatments.

"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. 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," Wilkinson added. 

Seventeen per cent say that the cost of living is the thing they miss most from their home country and 2% say that it would prompt them to return.  Most expats (58%)  have secured higher salary since moving abroad.

 

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