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Expats urged to manage their finances
People who are moving abroad have been urged to look after their money when relocating.
Alliance & Leicester stated that most expatriates failed to revamp their finances when they set up home overseas, with only 30 per cent putting money into an offshore savings account.
This is despite 33 per cent of people citing concerns over the size of their tax payments as one of their main reasons for choosing to leave the UK, which suggests that saving money should be high on their personal agenda.
Simon Hull, managing director of Alliance & Leicester International, commented: "Ensuring your finances are best placed to make the most of your new life should be a key factor when it comes to planning your move."
He added that this applied to every type of expatriate, such as those retiring abroad or relocating for work purposes.
According to the Office for National Statistics, 207,000 UK nationals moved abroad during 2006 - a record figure under current measuring systems.
A recent report in the News of the World suggested the figure for 2007 could be as high as 250,000.
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