60% of expats feel better or slightly better financially than twelve months ago, according ton an annual 2024 Worldwide Wealth Survey conducted by international financial advisory firm, Hoxton Capital Management.
Around 26% attributing this to salary increases, 20% to the performance of their investment portfolios, 16% to other job-related factors, and 13% to their growing pension pot.
These are among the findings from the survey of over 80,000 people who were invited to take part in partnership with Hoxton’s strategic partner PSS Removals. The questions asked to cover a wide range of topics pertaining to life overseas, including financial matters, lifestyle, quality of life and current affairs.
The territories covered were Australia, Canada, China, France, Hong kong, Ireland, Netherlands, New Zealand, Portugal, Saudia Arabia, Singapore, Such Africa, Spain, Switzerland Thailand, UK, UAE and USA.
Twelve months ago, a lesser 50% of respondents globally reported feeling better with 41% feeling financially worse. This year found 24% saying they felt either worse off or slightly worse off, with the remaining saying they felt about the same as last year.
When asked about their financial priorities a fifth said it was to build up their savings; 19% to plan for their retirement; 17% to invest, and 9% to buy or sell property. 7% said their priority was to relocate, whilst 6% cited debt reduction as top of their agenda.
87% of those surveyed said they were either somewhat confident or very confident in their ability to plan for their long-term financial goals. Only 11% said that they were not confident.
Chris Ball, managing partner at Hoxton Capital Management said: “The survey highlights a positive shift in financial sentiment among our international investor audience.
“Over 60% of respondents feel they are in a better financial position than they were a year ago, reflecting resilience and adaptability in the face of economic changes. However, the increased cost of living remains a significant concern for those who feel worse off financially.”
He continued: “Understanding these sentiments is crucial for how we tailor our offering and support to meet the evolving needs of our audience.
“By addressing the underlying concerns and providing strategic guidance, we can help our audience navigate through these uncertain times and achieve their financial goals.”
When asked about the assets in which they have most confidence, property and shares scored highly, whilst cryptocurrencies inspired the least confidence. 36% said they had the most confidence in property; 27% in stocks and shares, 21% in cash and savings, and 14% in bonds and fixed-income securities. When it comes to assets in which respondents had the least confidence, 65% cited cryptocurrencies.
Of those questioned, 39% said that they hoped to be financially independent before they reach 60; 8% before they reach 50. A separate 8% felt that financial independence would not be achieved until after their 70th birthday.
Nearly two thirds of respondents (63%) said they felt confident that they had sufficient plans to provide an income for themselves into retirement; 13% said they were not confident, and 23% were unsure.
When asked how often they reviewed their investment portfolios, over half (52%) said they reviewed them weekly or monthly; 8% once a year, and 16% rarely or never. In terms of tracking and managing their finances, 46% said they used apps, 35% used spreadsheets, 8% used pen and paper, whilst 10% said they didn’t track or manage their finances at all.
Of those surveyed, 29% said that they currently transacted in just one currency: 50% in two currencies, and 20% in three or more currencies. 19% said they had four or more accounts in different currencies.
Ball further said: “We know from experience that some clients are checking the value of their investments literally five times a day whilst others who are very hands-off have assigned a financial advisor with very good reason.
“But more than half of people surveyed saying that they still use non-tech solutions for tracking their finances was particularly interesting. People haven’t been using tech, we suspect, because until now there hasn’t been anything out there that does what they need it to. This largely vindicates our entry into the market with the Hoxton Wealth app and why we are committed to making the Hoxton Wealth app fill that space for the international profile individual.”
