Most UAE expats believe their savings are inadequate - survey

More than half of Western expats want to save more, reveals National Bonds Savings Index
Most UAE expats believe their savings are inadequate - survey
By Staff writer
Sun 05 Jun 2016 02:09 PM

More than half of the UAE’s Western expats want to increase their savings in 2016, compared with 68 percent of Arab expats and 60 percent of Emiratis, according to a survey.

The National Bonds Savings Index reveals the majority of people surveyed in the UAE believe their savings are not adequate for their future, reported Khaleej Times.

About 34 per cent surveyed claimed to have saved less than they planned.

The findings indicate that both nationals and expats were becoming increasingly aware of the importance of saving for a sound future, said the Dubai-based savings and investments company.

From March 15 to May 19, about 40,000 National Bonds account holders increased their savings balance to Dh3,000 and above.

Indian expats represent the majority of National Bonds' regular saving customers, with more than 10,200 customers increasing their savings in this period, followed by 6,300 UAE national customers.

Mohammed Qasim Al Ali, CEO of National Bonds, said: "As a customer-centric company, our goal is to benefit our bond-holders through encouraging them to keep their savings accounts active and enrol for our myPlan programme.

“Besides inspiring customers to save on a regular basis, myPlan gives them more opportunities to grow their savings by winning specially allocated prizes in monthly and quarterly draws. Our proactive efforts help customers develop a regular savings habit to achieve financial independence.”

"UAE nationals as well as expats from different nationalities across the spectrum are today increasingly aware of the importance of saving and consequently, are more responsible with regard to achieving their financial wellbeing.”

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