53 percent of UAE residents don’t think they earn enough to save

A new survey on the saving habits of UAE residents revealed that 53 percent of respondents don’t think they earn enough money to allow for them to allocate any to savings.

Findings of the survey also indicate that while less than half of UAE residents set aside funds from their monthly wage for retirement or emergencies, over 30 percent do not save a single dirham, with over 13 percent admitting they believe life is too short to save.

“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, said Sonja Stephen, Editor at compareit4me group. “For example, offshore banking is a great way to keep track of your finances, while enjoying the security and comfort of having your money in a highly regulated environment.” She 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.”