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Tue 19 Jan 2016 10:43 AM

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53% of UAE workers claim they don’t earn enough to be able to save

Survey found 30% have never saved anything

53% of UAE workers claim they don’t earn enough to be able to save
Image for illustrative purpose only. (AFP/Getty Images)

More than half of UAE workers claim they have not saved any money because their salaries are too low, according to a new survey on savings habits in the emirates.

The survey, compiled by the compareit4me website, found 53 percent of respondents don’t think they earn enough money to contribute to their savings, 30 percent haven’t saved a single dirham and 13 percent claimed 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.”

Besides low income, other obstacles listed as barriers to regular savings include loans and credit card debt.

“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,” 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.”

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