53 percent of UAE population “not saving enough”
Middle East’s leading finance comparison website, ‘Compareit4me’ has conducted a survey on the saving habits of UAE residents. The statistics provided by the firm reveal that about 53 percent of the respondents don’t believe they earn enough to save for their future. As per the survey findings, less than half of UAE population save their monthly wage for emergencies or retirement, however, over 30 percent of the residents fail to save even a single dirham. 13 percent of the residents admittedly believe that life is too short to save.
The Editor at Compareit4me group, Sonja Stephen added:- “It’s easy to put off saving especially in your younger years, but before you know it, another year has passed and you still haven’t put your saving plan into action. There are a wide range of investment opportunities available to expats” She stressed on the importance of offshore banking as a great way to keep track of finances and enjoying monetary security at the same time.
She further added:- “It hasn’t always been the case, but savers in the UAE can now earn higher returns on their money. The majority of the UAE banks are now offering attractive savings and fixed deposit accounts too.”
Most people attribute financial insecurities to a lack of income and list loans and credit card debt among their biggest concerns.
“Along with good credit card management, making payments in full and on time, both factors which are essential to avoid debt, it’s smart to focus on a savings plan.” Sonja Stephen added. “Individuals should tailor a realistic savings plan to suit them and should take positive steps to achieve their goal. Increasing emergency savings, signing up for a good pensions plan and even investing are all key areas that should never be overlooked.”