A recent survey conducted by Lloyds TSB International has revealed the majority of British expats living in the UAE are aware of the importance of a maintaining a varied financial portfolio.
The survey shows that whilst 92 per cent of British expats have a current account and 53 per cent have a savings account in the UAE, nearly 60 per cent also maintain an offshore savings account. These findings indicate that customers are willing to keep savings in both their current country of residence as well as offshore.
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 off shore".
The survey of British expats, living in the UAE, also shows that when banking offshore their confidence in sterling is high in comparison with other currencies, with 50 per cent of respondents believing that sterling is the strongest currency for their savings. Only 4 per cent of those polled selected the Euro.
Emirates 24|7
