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Overseas Health Insurance News: Expats are not saving for the future

Expatriates based in Singapore are living decadent lifestyles instead of saving for the future, according to a new study.

The research was carried out by Standard Life and is thought by experts to mirror the situation with British expats in a number of other destinations.

Any country that offers low taxation, a sunny climate and a large population of expats is likely to see people living in the moment instead of putting money away for a rainy day.

The likes of Hong Kong, Australia and Saudi Arabia all benefit from high salaries and low taxes, meaning those working in these countries have become used to a large amount of disposable income.

Many expats are having to increase their spending in such nations as the cost of living starts to spiral upwards.

One area where Brits living abroad seem keen to splash the cash is on holidays and travel as the proximity to some destinations is too tempting not to indulge.

Richie Coombes, a Brit now based in Hong Kong, said: "Many want to explore the region while they are abroad. This is definitely true in cities like Singapore and Hong Kong, where South East Asia is right on your doorstep.

"It makes sense to visit places like Vietnam, Thailand and Bali while you’re only a short flight away from them."

Of the respondents to the study, 85 per cent earned more money in Singapore than they did in the UK, yet nearly a quarter of them were not putting any of their annual wage into savings for later life.

On the other hand 20 per cent of salaries received each month goes on travel expenses for holidays to neighbouring countries.

Neal Armstrong, chief executive officer of Standard Life Singapore, said: "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."

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