Did you know that nearly 50% of UK businesses experienced a cyberattack in 2024? This totaled to 7.78 million attacks leading to an average cost of £3,230.13.
Individuals are not immune either. Nearly 500 potential threats are spotted every second, and expats can be particularly at risk due to feeling vulnerable in a new country and unfamiliar with social norms and practices.
In the UK, the cost of care can be staggeringly high. The average cost of residential care stands at average of £1,160 a week. Nursing care is typically more expensive, at £1,410 per week. Homeowners can be especially worried about going to care, fearing that their home may need to be sold to cover the fees.
How can you provide an effective safety net for your finances? A good starting point is to hold a strong set of emergency savings (e.g. 3-6 months’ worth of living costs) in an easy-access account. However, this will only take you so far in the event of a serious illness or accident which stops you from working.
What would happen to your loved ones if the worst happened? This is not a fun question to ask ourselves, but it must be asked – especially if we have dependents, such as young children. British expats do have a range of financial protection options.
Do you have a financial safety net ready in case of emergencies? As an expat, the need for a financial protection plan can be even more urgent due to the nature of spending considerable time abroad. What if you need to fly home quickly for a family emergency? What if a serious illness or accident leaves you unable to work and earn money for a significant period? Perhaps your host country and/or local employer is not as generous, say, with sick pay and benefits compared to those in the UK and elsewhere.
In the excitement of moving (or retiring) to a place like Spain, it is easy for British expats to overlook the key “What if?” questions. Yet identifying what could go wrong – and laying out a financial protection plan – could be crucial to safeguard your wealth and lifestyle.