Could rising costs encourage people to move abroad?

The increasing cost of living in Britain may inspire individuals to make an international money transfer and invest in a property abroad.

Joanna Parsley, associate director of Credit Action, explained how families living in the UK have already experienced rising household expenses since the start of the year, with things only set to get worse.

She described how the VAT increase at the beginning of 2011 has resulted in people having to become increasingly careful with how they spend their money.

"Inflation is currently running at 4.5 per cent, so everyday essentials like food and transport are costing everyone more," Ms Parsley stated.

It was noted that the planned rise in gas prices later in the year is set to "squeeze" finances even further.

Ms Parsley explained that there is risk of families getting into debt as energy bills increase, as some people may rely on credit to fund their everyday essentials.

"For families that are worried about their energy bills rising and fearing they won't be able to keep up with payments, it's important that they talk to their supplier and seek free and independent advice if they need to," she remarked.

In order to avoid forking out increasing funds on living in the UK, individuals may want to consider looking into moving overseas.

Recent research from moneysupermarket.com found that the increasing cost of households bills is the biggest concern for Brits.

One in three individuals said they spend a large proportion of time feeling stressed about how they can pay for their energy usage.

This was followed closely by regular concerns about the rising cost of motoring listed as a key worry for 13 per cent of people and debts for 12 per cent.

Posted by Chris Barber

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