More than a third of people are looking forward to retiring in the UAE, according to a survey by National Bonds.
The study also found that 76 per cent of participants are thinking about saving and investing in the UAE, particularly young individuals aged (21-29), both Emirati and Arab expats.
This result demonstrates the increasing financial literacy among the younger generation, in which they have more access and connectedness to information.
Saving in the UAE
National Bonds launched the 12th edition of the National Bonds Savings Index, an annual survey on the saving behaviour in the UAE.
The 2023 annual survey was conducted by Kantar, a leading data, insights and consulting company.
According to the report, more than a third of respondents are looking forward towards retiring in the UAE.
In addition, due to the stability of the UAE, which has led to a significant number of individuals, particularly expat Arabs, considering longer term investment opportunities within the country as well as 60 per cent of Asian and Westerner respondents are eyeing the UAE as an investment destination.
Mohammed Qasim Al Ali, Group CEO of National Bonds, said: “National Bonds continues to innovate with new programs such as introducing customised plans to the different segments of the population.
“These plans are aimed to help individuals and corporates to invest in their future and support corporates with employee retention strategies.
“With over eight million expats in the UAE today, we launched the Golden Pension Plan exclusively for employees.
“Our goal is to reach a broader audience, extend our impact, and benefit an even wider range of individuals.”
The report also reveals that 68 per cent of those who have not saved yet, plan to save soon, mostly within the next six months to a year.
“Additionally, 52 per cent of respondents, express their intention to increase investments in financial products within the next two years, affirming the importance of National Bonds efforts to provide suitable saving and investment solutions.
Mohammed Qasim Al Ali said: “National Bonds launched the ‘Second Salary’ program as an integral part of our long-term commitments, devoted to providing exceptional savings plans in the UAE.
“This aligns with National Bonds programs aimed at generating supplementary income streams to support customers throughout the diverse phases of life.”
Despite the existence of the saving culture, 18 per cent of respondents are uncertain about suitable savings avenues.
This highlights the importance of National Bonds’ ongoing awareness campaigns focused on promoting financial knowledge, particularly given that 65 per cent of respondents have liabilities.
Dependence on a single source of income is one of the major concerns for 33 per cent of the respondents, particularly women in their 40s, according to the latest Savings Index from National Bonds.
Both Emiratis and expats share key savings aspirations, including starting their own business, purchasing a home, and securing future education for themselves and their children.
In addition, 64 per cent of respondents are working towards establishing an emergency fund.
Mohammed Qasim Al Ali said: “National Bonds places a strong emphasis on providing savings and investment solutions that serve as invaluable resources during emergencies, with a steadfast commitment to fostering a saving culture among individuals.”
Commenting on 2023 Savings Index, Mohammed Qasim Al Ali, said: “Through this report, which first launched in 2011, we aim to spread and reinforce a savings-oriented mindset while tailoring National Bonds’ programs and schemes to align with people’s aspirations, ultimately enhancing their financial well-being.”
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