Around 85% of UAE residents believe they aren’t saving enough for their long term future, according to National Bonds’ latest annual saving index.
Around 57% say they have resolved to save more this year, although that’s down from 64% who said the same thing in last’s year’s poll.
National Bonds chief Mohammed Qasim Al Ali urged residents not to live in the here and now and to realise the importance of saving for the long term.
“If people realise the key role that saving plays in securing a happy future, everything else would fall in its place,” he said. “Just look at the statistics; nearly half of residents aim to save more in 2018. The appetite is there; we just need to tap into it.”
In an interview with The National newspaper, he suggested that saving may not be as hard as people think.
“Have you noticed that rents have dipped down by about 15 to 20% in certain places?” he told the newspaper.
“Now, if my rent has dipped down by 15 to 20% – is that not more than enough to cope with the rise in inflation? Inflation is running about 3 to 4%. I think if people reassess their expenses – they can find ways to save.”
However, UAE residents still may struggle to save even after cutting back costs. yallacompare’s Consumer Confidence Tracker for the first quarter of 2018 found that almost 60% of UAE residents struggle to regularly put money away. And of those who do save, 59% said that they are saving less than they were last year.