Eighty-five percent of UAE residents still feel that they are not saving enough for their future, according to a new survey by National Bonds Corporation.
Its 2017 Savings Index found that 41 percent of savers in the UAE are planning to start their savings journey in 2018.
Additionally, 57 percent of savers plan to increase their savings in this year, compared to 64 percent in 2017. The UAE also saw an increase in the number of respondents which feel they are saving enough, 4 percent higher than in 2016.
However, a total of 85 percent of respondents still feel that they are still not saving enough for their future.
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.”
He said education remains integral to increasing savings across the nation. “If people realize 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,” he added.
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 percent of UAE residents cited better investment opportunities, a 36 percent increase from 2016.
The survey also showed that 68 percent of respondents 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.
The 2017 Savings Index surveyed 1,320 participants across the GCC including the UAE, Saudi Arabia, Kuwait and Oman.
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