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Wed 8 Jul 2020 03:39 PM

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UAE residents most concerned about future, finances, Time Out survey finds

A new survey from Time Out Dubai found that 67% of respondents reported pay cuts, while 12% found themselves unemployed during the Covid-19 crisis

UAE residents most concerned about future, finances, Time Out survey finds

A majority of UAE residents are concerned for the future, largely as a result of pay cuts or job losses amid the Covid-19 pandemic, according to a new survey from Arabian Business sister publication Time Out Dubai.

According to Time Out's new 'social distancing survey', 67 percent of respondents have reported taking pay cuts, while 12 percent found themselves unemployed amid the pandemic.

As a result of the challenging financial situation that many residents find themselves in, 63 percent of respondents said that they were concerned for the future. The same percentage of respondents reported being personally impacted financially by the pandemic.

Just over half - 53 percent - of respondents said that they expect to pay less in their next home rental agreement, while 25 percent said expected to pay the same. Only 2 percent said they expect to pay more.

Of those looking to pay less, 68 percent said they planned to re-negotiate their current rental agreement, while 29 percent said they were likely to move properties.

The survey statistics also indicate that most UAE residents are unlikely to make significant purchases or travel extensively in the coming year.

A total of 71 percent, for example, said they were very unlikely to purchase a new car in the next six months, while 22 percent said it was 'likely'.

An even larger percentage - 86 percent - said they will travel less over the next 12 months.

The survey, however, also shows that many residents plan to head out as restrictions ease.

Nearly one-fifth - 18 percent - of respondents said they were 'definitely' going to book a staycation, while 34 percent said it was likely.

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