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MORE than a quarter of expats living in Bahrain choose to 'splash their cash' on items such as sports cars and holidays rather than saving up or sending money home, a study has revealed.
The research showed that 30 per cent of expats in the kingdom are significantly better off having relocated, but that 27 per cent were splashing their extra cash with little thought for the future.
The Zurich Wealth Monitor Survey studied the attitudes and future financial plans of 500 professionals living in Bahrain and the UAE.
According to the survey, enjoying more holidays and driving flashy cars were some of the main sources of expat over-spending and that Western and Arab expats were the worst savers.
However, the study also showed that expats in Bahrain, who on average live in the kingdom for three years, were more conservative in their spending habits than those in the UAE.
In the UAE almost half of those contacted splurged their extra-income, while in Bahrain around 70 per cent chose to send surplus cash home.
Zurich's regional director Paul Haran warned that living for the moment could prove costly in the long run. "It is not a secret that the number one motive for many people choosing to move away from home and work in a different location is the extra money this will bring them," he explained.
"Our research reinforces this. It is however, alarming to see the rise in consumer spending among expats. It is important people make adequate saving provisions within this short time frame so they can reap the benefits in the longer term."
