UAE has largest proportion of regular savers in GCC
DUBAI 6 June 2018: Up to 85% of UAE resident-respondents feel that they are still not saving enough for their future, according to National Bonds Corporation’s 2017 Savings Index.
Are you one of them?
Or are you one of the 41 per cent who are planning to start their savings journey in 2018.
The survey showed 57 per cent of savers plan to increase their savings in this year, compared to 64 per cent in 2017.
The UAE saw an increase in the number of respondents which feel they are saving enough, 4% higher than in 2016.
The annual survey is conducted by market research firm Sondos, and reports on the savings environment in UAE and wider GCC. The 2017 Savings Index surveyed 1,320 participants across the GCC including the UAE, Saudi Arabia, Kuwait and Oman.
Mohammed Qasim Al Ali, CEO, National Bonds Corporation, said: “The results of the 2017 Savings Index highlight that, although people want to save, they do not always have the tools or know-how to do so. While it is not surprising to see that residents in the UAE are not saving as much as they believe they should, it is interesting to see the disconnect between the intent to save and the numbers of people saving year-on-year. So, what can be done?
How to Save
“Education, however contrived, remains integral to increasing savings across the nation. The UAE has the largest portion of regular savers in the GCC and I am confident that we will continue to lead the way in this area if we keep striving to raise awareness of the importance of saving. If people realise the key role which savings plays in securing a happy future, everything else would fall in its place. Just look at the statistics, nearly half of residents aim to save more in 2018 – the appetite is there, we just need to tap into it.”
Over two-thirds of those surveyed in the wider GCC region believed savings to be important while two-thirds of savers in the region aimed to increase their savings in the next six months. When pushed on why respondents felt it was a good time to save, 43 per cent of UAE residents cited better investment opportunities, a 36 per cent increase from 2016.
Interestingly, 68 per cent of those surveyed in the UAE claimed their financial stability contributes their overall happiness. The report also found measurements for overall happiness included taking out health insurance, life insurance and saving enough to put their children through university.
