Brits in Singapore cut their spending
29/07/09 17:03
British expatriates resident in Singapore are to reduce their spending to help see out the recession.
A study by HSBC investigated how the expatriate community planned to deal with the ongoing global economic downturn.
It found residents will cut back the amount of money they transfer and spend on more expensive items.
However, even considering the current economic difficulties it was found that almost half of expatriates have a disposable income of more than $4,000 (£2,418).
Expatriates have told the Bank's head of personal financial services Sebastian Arcuti that recent rent reductions have increased their disposable income.
"Due to the uncertain economic times, most of them are opting not to spend this increase in their income," he said.
Reports from Spain suggest that house values are affecting people's decisions whether to stay or return to the UK.
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