Lloyds TSB International have discovered that British expatriates living in the UAE are acutely aware of the importance of having a strong financial portfolio.
Quizzing Brit expatriates in the UAE, they found that a large number of participants in the survey had money in more than one financial institution. Almost all UAE based Brits, 92 percent, had a current account with a further 53 percent also having a UAE based savings account whilst 60 percent also maintained some form of offshore savings account.
Speaking on the findings, Richard Musty, Managing Director of Lloyds TSB Middle East, said: “The recent economic downturn has highlighted the importance of having a responsible attitude to managing your finances. We are already seeing a clear increase in deposits and a reduction in the number of requests for new loans. This indicates that British expats have a good understanding of their finances. They are making the most of the positive options living abroad presents such as exchange rates and appreciate the importance of maintaining a combination of financial options on and offshore.”
The survey also found that British expats based in the UAE are happy with the strength of sterling, 50 percent of the quizzed thought that the pound was the strongest currency for their savings, with only four percent saying the same for the euro.