A new online tool has been created to help expats compare the cost of living in different popular overseas destinations.
The tool, created by and hosted on the Lloyds TSB International website , gives users the ability to compare living expenses in 50 major cities around the globe.
Tokyo was named the most expensive in terms of living costs, with Luanda, Zurich, Osaka Kobe and Oslo completing the top five, respectively.
London, generally believed to be one of the more expensive cities, charted at a surprising 26th, below Kong (23); Paris (12); Copenhagen (10) and Sydney (8).
The rankings were established by using data from the Economist Intelligence Unit’s Worldwide Cost of Living, Mercer’s Cost of Living Survey and ECA International’s Cost of living Survey.
The ECA International survey examines the cost of a basket of day-to-day goods and services in major cities. The basket’s items includes groceries such as meat, fish, fruit and veg, alcohol and tobacco, clothes, electrical goods and eating out.
However, expats have also been urged to seek advice on other financial matters too, tax environments, insurance, and banking options are all topics that must be researched thoroughly. For this reason it’s always advised that when living, or moving, abroad, people consult with an IFA to gain greater insights into their new financial situation.