Debt management needs to rise among retired expats?
Debt management needs to rise among retired expats?
Tuesday 20th October 2009
That is according to HiFX, which revealed that as a result of the impact of the recession on the exchange rate, British retirees living abroad could have potentially lost a cumulative 5.5 billion euros over the past two years.
With the general effects of the economic downturn not escaping those who live abroad, the loss in value of the British pound could result in an increased number of expats seeking debt management advice.
Commenting on the figures, director at the currency specialists Mark Bodega suggested that those people who lived abroad had it tougher than most.
He commented: "In the current economic slowdown everyone is feeling the pinch. However Brits living in Europe and receiving a fixed income in sterling are being hit particularly hard.
"In the last two years we have seen unprecedented volatility in the currency markets with the value of the sterling fluctuating by over 30 per cent against the Euro."
According to the organisation, there are one million Britons living outside of the UK and claiming a state pension.
People who currently reside outside of the UK and are struggling to live off of their state pension could consider speaking to a debt management specialist when back in the UK.
The current exchange rate stands at one pound to 1.09 euros, according to x-rates.com.
News article brought to you by Debt1 – UK debt management specialists
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