If you are finding that your expat savings are already being devoured by inflation, you may be worrying even more now when Brexit looms over expat savings and investments. Many expats have now moved away from investments such as stocks and shares. An increasing amount of expats hold their savings in cash in the bank. Many quote Brexit as a major cause for concern when it comes to reviewing their expats' savings.
However, this may just be the perfect time to consider an expats savings review.
Expat Savings Review
Should you consider an expat savings review right now? Studies show that a very low number of expats would consider and expat saving view before they know the outcome of Brexit. But, reviewing the way you save your money is exactly what you should be doing. There is no way of bulletproof your finances against Brexit, however, there are acceptable risks.
Now could be a good time to look at moving some of that cash into stock market investments. Some financial analysts predict that the UK can be a serious mover and shaker when it comes to increased share prices after Brexit. At the moment, UK FTSE share prices are more reasonable than others, and now could be a good time to invest.
Expat Investments Review
An expat investment review should always be part of good financial planning. More than likely you already have some investments in place. It can be a private pension or other investment instruments. But, there are some who think that having access to UK based private pension funds may be difficult after Brexit. If you are an expat relying on the current or future income of a private pension in the UK, it would be a good idea to find out what the alternatives out.
One of the alternatives could be to take a look at if QROPS. Make sure that you use a regulated financial adviser if you are planning a forage into the world of QROPS investments. Once you start looking around, you will find it can be hard to distinguish the wood from trees, and getting some professional advice is always the best idea.
The commission charges on QROPS can be steep. Understanding all of the charges is key to taking out the right QROPS scheme for you.
I know that I have written about these topics before in this blog. However, almost every day I meet people who are concerned about their savings and pensions. Most of them are rather complacent when it comes to financial reviews. What matters more than anything else is that you are in control of your finances. Many people have no control at all.
When you find it hard to control your own expat savings and expat investments, you are the ideal candidate for a financial review. Don't be embarrassed. Contact a financial adviser and find out what action you can take to improve your investment return and make the most out of your expat savings.