Nearly two thirds of UAE residents expect a salary increase in 2019 following a year of wage stagnation in 2018, according to new data from yallacompare.
According to yallacompare’s Q4 2018 consumer confidence tracker, 65 percent of respondents expect to be given a raise in the next 12 months, the same number that said that had not received one in the past year.
The percentage of people who said they felt more secure in their jobs was also found to have risen, from 32 percent in Q3 to 37 percent in Q4.
“UAE residents clearly feel that now is their time,” said yallacompare CFO Jonathan Rawling. “They have to go without salary increases in 2018 and the survey data shows that many struggled as a result.”
Rawling added that “they now expect their patient and loyalty to be rewarded.”
Additionally, the statistics show that the percentage of UAE residents who said they remitted regularly went down from 88 percent in Q3 to 84 percent in Q4.
Of those who do send money, the amounts appear to have been decreasing. In the Q3 2018, for example, 40 percent of people said they repatriated between AED1,000 and AED1,999 per month.
By Q4, only 33 percent said they same and the percentage that said they remitted between AED 500 and AED 999 per month rose to 29 percent from 24 percent in Q3.
The proportion of respondents that said they do and don’t save every month was also found to have increased in Q4. Of the total, 45 percent of people said they save every month compared to 37 percent in Q3. One fifth of people – 20 percent – said they do not save every month, compared with 18 percent in Q3.
“It’s interesting that the numbers saying they do save an don’t save money regularly have both increased,” Rawling said. “While UAE residents appear to be committed principles of saving and sending money home, some are clearly finding it more challenging to do so.”
“It shows again that those salary increases many are expecting this year really need to come through,” he added.
The report also found that 26 percent of people said they were paying less for housing in Q4 than they were a year ago, compared to 36 percent who said they were paying more and 38 percent who said they were paying approximately the same amount.
Lastly, 45 percent of respondents said they are now less likely to leave the UAE because of their finances, compared to 24 percent who said they are more likely.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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