http://www.straitstimes.com/archive/...-poll-20141002

S'pore cost of living a worry for Europe expats: Poll

Published on Oct 2, 2014 1:16 AM


BRITISH and European expatriates are worried about rising living costs in Singapore, a new survey has found.

However, most of them still earn more and save more than they did before moving here, and "live like kings", the survey revealed.

It also found that most of them think maintaining a lavish lifestyle is more important than saving for their retirement or their children's education.

Half of the 128 respondents polled online in July felt that their salary did not match the cost of living here, said savings and investments firm Standard Life, which conducted the study.

About 47 per cent of respondents also said they felt "nervous" about their retirement financial situation, it added.

This was even though 80 per cent of the expats surveyed earned more and 70 per cent saved more than they did before moving to Singapore.

"Expats live like kings today; 90 per cent of respondents prioritise lifestyle over retirement savings and savings for children's education," Standard Life said in its report. It noted that the majority of expats surveyed devote 20 per cent of their monthly income to holiday spending and another 20 per cent to maintaining their lifestyle. "This demonstrates how the anxiety expressed by nearly 50 per cent of respondents regarding their long-term financial situation surprisingly does not appear to translate into direct action."

Only 54 per cent polled made an effort to save regularly.

Mr Neal Armstrong, chief executive and principal officer of Standard Life Singapore, said in a statement that though more expats are earning and saving more in Singapore than they did before coming here, these "have unexpectedly been offset by rising costs of living".

"Many of the expatriates we reached out to through this survey view balancing financing family commitments and retirement planning as mutually exclusive savings goals."

The Economist Intelligence Unit said earlier this year that Singapore was the world's most expensive city to live in for expatriates this year.