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Tue 21 Aug 2012 04:14 PM

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Wages not keeping up with living costs - UAE residents

More than two-thirds of residents say wage increases not keeping up with living costs

Wages not keeping up with living costs - UAE residents

The majority of UAE residents have said that their salaries are not keeping up with the rising cost of living in the Gulf state, according to a new poll.

The latest MENA Consumer Confidence Index Survey, conducted by Bayt.com and YouGov, found that 68 percent of people said that increases in salary were being outpaced by living costs.

Still, more than half of respondents (52 percent) believed that their financial situation will improve over the next 12 months.

Just under half (45 percent) said that they expected business conditions to get better in the next year, while 35 percent said they believed there would be more employment opportunities.

“Retaining a positive outlook for the year to come will be pivotal to the region’s success. Conditions may not be considered to be entirely favourable at the present time, but there are plenty of signs that the months to come will prove beneficial for all,” said Suhail Masri, vice president of sales, Bayt.com

Across the whole of MENA, only 28 percent of people said that their current financial situation was better than a year ago, compared to 65 percent who said it had either remained the same or deteriorated.

Just under two-thirds (65 percent) in MENA said that their salaries had not kept up with rises in living costs.

A touch over half (51 percent) said they believed their financial situation would improve, while 44 percent said they expected their country’s economic situation to get better, while 49 percent said they thought employment conditions would improve.