The greatest source of pressure on expats’ wallets was found to be rent and housing, with more than half (51%) of expats saying this was surprisingly expensive in their new home country. Two-fifths (40%) of those surveyed also said that higher education was more costly than expected, while one-in-three (35%) found that childcare costs put pressure on their purse strings.
Having spoken with people in a number of popular expat destinations, AXA found that life is most expensive for those living in the United Arab Emirates. Almost three-quarters of expats in the UAE said that rent and house prices (71%) and higher education (72%) are surprisingly costly, while two thirds (65%) found schooling to be more expensive than expected.
Tom Wilkinson, CEO, AXA – Global Healthcare commented: “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.”