New salary calculator shows where Brits could earn almost double | Personal finance | Finance

Britons have less disposable income, after paying for necessities and taxes, now than they had during the 2008 financial crisis. Global crises are mainly responsible for this impact, the pandemic and compounded by the Russia’s invasion of Ukraine, but are there other countries that could see the British living a more lavish lifestyle?

An estimated 5.5 million Britons currently live abroad, leaving the UK at an estimated rate of 2,000 a week, according to iexpats.

Unfortunately, this economic turbulence does not seem to be coming to an end, with inflation expected to exceed 8% before the end of the year.

For many considering emigrating, the biggest question is usually: is the grass actually greener on the other side?

Although there are many factors to consider, the international insurance company William Russell has endeavored to try to answer this question with their salary calculator.

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They conducted intensive research on the average salaries in the 38 OECD countries for 36 different job titles.

Now, using what they found, Britons can check here if they could earn more abroad.

However, it is not just income that needs to be considered when planning a move abroad, as the cost of living crisis has not only affected the UK.

Of the 36 job titles, the UK salary averaged £35,302 and while not in the top 10, it was also far from the bottom.

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35,302

In comparison, the UK ranks 14th in cost of living with a comparative price level of 105, while average wages rank 18th.

Although earning an average salary of over £70,000 a year seems like an idyllic situation, one should bear in mind the variations in the cost of living in these countries.

William Russel also analyzed the data to reveal the most and least expensive of the 38 countries to live in on average.

Turkey, Colombia and Mexico had the lowest cost of living, a likely reasoning behind their seemingly absurdly low average salaries.

Comparatively, Switzerland, Norway and Iceland had the highest cost of living.