Carefree expat retirees on spending sprees

Published:  19 Mar at 6 PM
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A recent survey has revealed a similarity between teenagers in their first jobs and expat pensioners on a spending spree during their first few years of freedom from the daily grind.

Whether expats or pensioners still resident in the UK, the story’s the same, with up to £33,000 wasted during the first five years since employees finally finished work.The survey, by a leading financial firm, revealed that most of the money was spent on luxuries such as travel, eating out in fine dining restaurants, cars, the latest in tech gadgets, oversized flat-screen TVs, entertainment and other luxuries.

Holiday homes overseas or even emigrating overseas took a large chunk of many respondents’ nest eggs and pension drawdowns, and many admitted they’d overspent on larger properties than were necessary as well as seldom-used swimming pools and expensive cars. Many were having to make considerable cut-backs in their retirement lifestyles in order to have security for later in their lives.

When asked why they had spent so much, the average reply was that, after a lifetime of work, they felt they had a right to a reward for their years of work. A third of those surveyed had slashed their costs, another third regretted that they’d wasted money on luxuries they didn’t need, and the final third were terrified they’d run out of money in the near future.
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