An HSBC survey finds out that in spite of high cost of living for expats in Singapore and the cutbacks for luxurious lifestyle due to global recession, most of them still prefer to hold back and stay put.
The Expat Economics Survey of HSBC is carried out last February until April of this year. It polled over 3,100 expats in 50 different countries regarding their financial status and lifestyle.
According to the survey reports, which was released yesterday, “Expats in Singapore live the high life”. Over 75 percent of the 192 expats surveyed in the country said that they have a more disposable income compared to what they had on their own country. The 75 percent also said that they managed to save more compared to their savings back home. Among the different wealth accumulation tools and the most popular are managed funds, shares and savings accounts.
HSBC Singapore personal financial services head Sebastian Arcuri says, “Our expat clients have told us that reductions in rent over the past nine months have increased their disposable income. However, due to the uncertain economic times, most of them are opting not to spend this increase in their income”.
The survey also finds that the cost of living for expats in Singapore remains high than in other country. The 44 percent of the total expats polled spend more on accommodations compared to the expats in other country, and healthcare and entertainment costs are also higher than the global average.
However, 91 percent of them said that returning home is not on their option as the economic crisis continues six points higher than the 85 percent global average. Those who considered returning home, 28 percent had cited the shorter working contract as their key factor, higher than the 15 percent global average.
Overall, Singapore obtained the sixth rank during the league table of quality of life reports, which is measured through expats’ disposable income, annual income, ownership of luxury items and ability to save
Hong Kong, another big city for expat located within the region, ranked fourth on the survey. The Russian Federation, Saudi Arabia and Qatar obtained the top three rankings.