Expats: The most ‘popular and affordable’ countries to live in ‘for under £400’ monthly | Travel News | Travel
Relocating to another country can be a costly process for many expats, but new destinations can offer a more affordable way of life. In the UK, inflation is at a 40-year high of 9.4 percent as food and energy prices surge.
A recent analysis of household services, combined with average rent and food shopping, shows figures amounting to £1,493.32 per month in the UK, with the average net salary standing at £2,246.96 per month.
Gary O’Driscoll, head of private clients at Clear Currency said: “It’s a well-known fact that the cost of living in the UK is at a worrying high, with basic necessities such as food and utilities taking up a huge proportion of monthly wages.
“The average monthly salary in the UK is £2,246.96 a month after tax, which if you look at the data for June doesn’t allow for much disposable income once bills are paid.
“As a business, we’re seeing an overall rise in demand for international money transfers, along with an increase in the number of clients relocating abroad post-pandemic”.
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Research conducted by Clear Currency found that there were over 20,000 internet searches in June related to moving abroad.
To find out which destinations your pennies could stretch further, the experts analysed the cost of living (based on household services, food shopping and fuel) for the top 50 searched countries and ranked them in order of the cheapest.
According to the data, the UK ranks 20th out of the 50 countries for the highest cost of living based on household services, food shopping and fuel.
In the UK, household services and food shopping now average £401.27 per month, with rent averaging £1,092.05 a month, June figures show.
When it comes to moving abroad, Australia, Canada and Spain were the top three most searched for countries.
And of these, Spain came out on top as one of the most affordable and lusted-after destinations.
Clear Currency said: “The average price of household services and food shopping puts Spain as one of the most popular and affordable countries.
“In Spain, the figures show that the cost of household services averages £104.67 per month, and the purchase price of an apartment averages £2,162.97 per square metre.”
Australia ranked as the 16th most expensive country based on the cost of living overall, with an average monthly spend of £514.12.
Canada was also in the top 20 most costly nations, ranking just below Australia in 17th place.
The research found the monthly cost of living totals £498.08.
Further findings show that South Africa, Finland, Mexico, Turkey and Malta are also among the top 20 most searched for countries; and have the lowest cost of living, with average monthly costs of under £400 per month.
Cheapest countries for average monthly cost of living
- Belarus – total spend per month £178.79
- Azerbaijan – total spend per month £194.79
- Costa Rica – total spend per month £203.1
- Malta – total spend per month £227.86
- Turkey – total spend per month £240.44
- South Korea – total spend per month £262.80
- Tonga – total spend per month £264.09
- Brazil – total spend per month £268.73
- Mexico – total spend per month £277.56
- Austria – total spend per month £286.29
- Israel – total spend per month £291.38
- China – total spend per month £295.94
- Jordan – total spend per month £295.94
- South Africa – total spend per month £301.49
- Guatemala – total spend per month £315.38
- India – total spend per month £325.71
- Finland – total spend per month £330.80
- Malaysia – total spend per month £358.34
- Monaco – total spend per month £360.35
- Belize – total spend per month £363.75
- Spain – total spend per month £368.67
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