For most, savings fall short

Dubai According to a National Bonds survey based specifically on the UAE, nine out of ten UAE residents feel they do not have enough savings to adequately support them in the future.

The research, conducted by YouGov Siraj in June, shows that 71 per cent of people in the UAE do not save regularly and almost half the population saved much less than they planned to last year.

There are also major discrepancies between different nationalities and emirates. Sharjah residents spend more on basic necessities such as groceries and household items while those in Abu Dhabi spend more on transportation, eating out, rents and luxury items.

“People are still paying for years of bad habits and misuse of credit cards. It is about a lack of knowledge and how to manage debt. We want to stress the importance of saving by tackling the root cause of the problem, which is about managing your own personal finances,” said Kinan Esmail, executive dir-ector of marketing at National Bonds.

The survey shows a drop in savings sentiment among Emiratis and Western expatriates but an increase in sentiment among Arab and Asian expats over the past year.