Published On: Sat, Jun 17th, 2017

More UAE couples say savings are a priority

 

More married couples living in the UAE are looking to save money to secure a comfortable future, according to a new survey.

The poll carried out by National Bonds Corporation, the sharia-compliant savings and investment company, showed that 73 percent of couples questioned were keen to save, 27 percent higher than a year earlier.

The survey also reiterated the growing awareness among this segment of the importance of following a regular savings plan to ensure financial security.

The results of the financial health check for the first half of 2017 spanned four main categories – monthly saving for married couples, retirement saving for people aged 41 to 55 years old, on time payment of credit liabilities, and emergency savings for families with children.

The findings also suggested that families with children have improved their savings habits to prepare for emergencies. The proportion of non-savers among this group decreased from 55 percent in the earlier survey report to 53 percent currently.

Another finding was the increase in the number of people saving for retirement in the 41–55 age group, with 62 percent among UAE residents and 43 percent among UAE nationals.

Regarding credit liability payments, the survey showed that 89 percent of nationals and 74 percent of residents were keen to pay off outstanding dues on their credit cards and personal loans.

In addition, the results of the health check registered a drop of 2 percent among UAE nationals and 7 percent among UAE residents that were not committed to paying off outstanding debts.

Mohammed Qassim Al-Ali, CEO of National Bonds, said: “The upward trend when it comes to saving is a positive indicator of the increased awareness of the importance of following regular saving plans to meet the daily requirements of individuals and families and ensure financial security for the future at the same time.

“It is heartening to note that saving has become a regular practice. The percentage of married couples that now save has risen to over 25 percent compared to previous results.”

The latest survey included a sample size of 341 participants across different nationalities, of whom 296 were expat residents and 45 were Emiratis. The sample was distributed into four age groups – 18 to 25 years old, 26 to 40 years old, 41 to 55 years old, and 56 to 64 years old.

 [Source”timesofindia”]