UAE Savings Index 2016
Aug 14, 2017, 11:12 AM
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Our UAE Savings Index for 2016 covers a variety of interesting details, which include saving potential in the UAE, how residents felt about the saving environment over the year and sentiments on financial stability. If you’re a regular saver or you’ve been thinking about jumping on the savings wagon, this blog may give you some insights on what to look out for or what to expect when saving in the UAE. The results are based on the response of 700 UAE residents, who made up for 35 percent of survey participants across the GCC.
When it came to saving potential, 64 percent of regular savers planned to increase their savings in the near future. This number was slightly higher, 68 percent, when it came to non-savers who wished to start saving soon. In terms of the saving environment in the UAE, fewer participants felt that 2016 was a good year to save, in comparison to 2015. While 49 percent of the group could foresee stability in their financial future, only 45 percent of the participants felt positive when it came to expecting an increased income. Sadly, 89 percent of savers believe that their savings are not enough.
So what do these figures tell us?
With almost 60 percent of participants having some form of credit, our insights suggest that loans are one of the key hindrances to saving opportunities. With increased debt, it is highly unlikely that saving would be an option when other priorities undoubtedly take precedence. Our insights also show that low financial literacy can impact how an individual makes choices when it comes to debt management and risk assessments, making it harder to repay loans and start saving for a rainy day.
However, all hope is not lost. With National Bonds, we have a variety of financial plans that would allow for easy saving regardless of your income bracket. With Saving Bonds, our Shari'a compliant Savings Scheme that gives you flexibility and profits, all you need is AED 100 to start your journey towards a happier and comfortable financial future. We also offer a variety of additional plans that allow you to become eligible for our rewards program, which give you the chance to win up to AED 1 million dirhams each quarter. For more details, please visit: https://www.nationalbonds.ae/products-listing
