Wanting for too much
The saving lifestyle has diminished as living expenses increase (‘UAE residents ‘not yet financially mature’, Gulf News, March 12). The relationship is of an inverse proportion. I only blame consumerism. This goes on all levels: the individual, the family unit and society. Major corporations love it, but it only serves the benefits of a small percentage of society leaving the rest hooked on this dangerous trend. Before the 20th century, our demands were only limited to things that we needed to survive. If we had something broken, we fixed it and used it again. There was a sustainable balance. Then suddenly, the 20th century brought the consumer lifestyle. Mass manufacturing made everything cheap. Corporations encouraged us to throw away whatever does not work and replace it with something new that works. We stopped using our brains and muscles in search for comfort and leisure. Today I need a 65-inch smart television to receive information because it is awesome. I need a V8 engine to drive because roads are “dangerous”. Yesterday, I only needed a book to receive my information and I only needed my feet to transport myself around. As long as we as a society encourage the masses to think in a consumer mindset, there will be no savers and no fortunes made in the 21st century and the generations to come. I really appreciate the awareness campaign drive, which the UAE National Bonds is doing here.
From Mr Wissam
Dubai
Website comment
Not possible to save
We are earning hard without our families and without any entertainment. All our salaries go towards renting a home, paying for the Metro, taxis and food. By month’s end, there is nothing left. How can we save money? Salaries are not increasing for many, but expenses have increased more than 100 per cent in some cases.
From Mr Manimaran
Dubai
Website comment
Need to earn more
Living costs in Abu Dhabi for a one-bedroom apartment in the city is around Dh75,000 after commission and deposits, then Dh10,000 for transportation, Dh2,000 for food expenses, among others and this leaves us with a total monthly expense of around Dh13,000. The majority of the expatriate residents earn somewhere below Dh15,000 and they are holding a minimum of two credit cards or personal loans to keep up with little luxuries like smartphones, e-life and weekend movies or other entertainment. To live a good comfortable life, one must earn at least Dh15,000 per month. Other liabilities may add more to this figure. Others who earn between Dh15,000 and Dh30,000 spend the extra money for luxurious apartments, fancy cars, eating out and holidays. The fact is only a few earn above Dh30,000 and 80 per cent of the workers earn below Dh15,000 - and they have more liabilities than their earnings! Either we should have affordable options of cleaner and legal accommodations or increase the salaries of employees.
From Mr Solomon
Abu Dhabi
Website comment
Unequal treatment
We do need to save more, if only we could! The rising cost of living and the intransigence of employers, who are unwilling to give salary increments that keep pace, are not boding well for residents. Prices of groceries and essentials go up 10 or more per cent at a time. Rents and school fees jump by similar amounts each year, while most of us have had no pay raise, year after year. If we do get something, it is a meagre three per cent salary hike if we’re lucky. How can one save for the future when every dirham is so precious? National Bonds were designed for saving small amounts, not for the wealthy investor. Why is it then that small savers with less than Dh10,000 receive the lowest annual return while the savers with over Dh100,000 receive a much higher profit rate? The profit should be higher for small savings as they need a higher return on their savings much more than the wealthy savers. At least give all savers the same high returns to treat the small fish the same as the bigger sharks!
From Mr Louie Tedesco
Dubai
Website comment
Why the bias?
I have to agree with Louie Tedesco and I absolutely share the same sentiments. To encourage the habit of saving, there must be avenues available that offer lucrative returns, even to the smallest of investors. Wealthy investors are already earning high returns in other forms of investment, for instance in property - about five to seven per cent in rental returns and the added appreciation. For the smaller investor with limited means and a four-digit salary, investing in property, which requires a huge financial commitment, is out of the question. The money in the banks doesn’t grow very much, giving close to negligible interest rates on savings. Market-linked savings plans also require a minimum investment of $300 (Dh1,100) per month with no guarantee of returns. Living in a city where the cost of living is only going one way – up, our position is not likely to improve any time soon. National Bonds’ vision was to be everyone’s favourite place to save and invest. So then, why the bias? You might not get huge sums of money as investments from each person, but you are sure to get a huge number of small investors who will benefit the most from a four per cent return on their savings.
From Ms Katy S.
Dubai
Website comment
Children helping children
Encouraging such activities at student levels helps young children develop a deeper sense of caring for the good of humanity and it is a great motivator to show that so much good still exists in this world (‘Dubai-based students live rough for five days to help the homeless’, Gulf News, March 12). This is a great idea, keep up the good work!
From Mr M. D. L.
Dubai
Website comment
Court summons Manmohan
It is indeed a pity that one of the honest former Prime Ministers of India has been called by the court on a corruption charge on what is described as the notorious coal gate (‘Indian court summons former PM Manmohan Singh over coal scandal’, Gulf News, March 12). Fake charges were levied against Singh just to dishonour him in public. As he graciously said, the truth will come out and his innocence will be proved. All the best, Manmohan Singh!
From Mr Thomas Matthew Parackel
Kerala, India
Fight drug smuggling
I am completely against the stance taken by the Brazilian and Australian governments to save the lives of their nationals who indulged in drug smuggling and who now face death in Indonesia (‘Indonesia signals will not execute foreigners for at least 16 days’, Gulf News, March 13). It is totally racist and biased because they are concerned only about the lives of their own nationals and they are not concerned about what those drugs have done to so many people and their families. The Indonesian government and President Joko Widodo have done the right thing and Brazil and Australia should join hands with Indonesia to weed out people who corrupt society for a hefty income. The apathy of Brazil and Australia deserves condemnation of one and all.
From Mr Velappakkam Kamal
UAE
Taxes in the UAE
I think that it is a good thought, as the UAE should broaden its revenue income (‘What may convince UAE to impose VAT’, Gulf News, March 11). Which products they chose to tax is the question. High-end luxury goods would be the obvious choice as the GCC won’t want to risk damaging the tourist trade, which attracts tourists for its tax-free shopping. I imagine cars, designer clothing, commercial property and retail will be the first choices. Food and daily essentials are already pretty expensive and a tax on food would affect the cost of living, which is already tight here for so many.
From Ms Sam Clarke
UAE
Facebook comment
Won’t live it down
It was a remarkable victory of Bangladesh against the mighty English team in the International Cricket Council (ICC) Cricket World Cup on Tuesday (‘Great team effort from Bangladesh won the day’, Gulf News, March 11). Mashrafe Mortaza and his boys sent a shock wave that is not easily forgettable. England is known as the birth place of cricket and they were proud to be known as the inventors of Cricket.
Bangladesh showed guts and determination to fight through when a rattle of wickets would have won the game for England. Knocked out by Bangladesh, doffed up by Australia, New Zealand and Sri Lanka, this team has managed to produce England’s worst ever World Cup campaign and, given the history of the past 20 years, this is actually quite an achievement. They have had poor performances. This defeat will haunt them for many years to come.
From Mr Sunny Joseph
Kerala, India
Ulterior motives
I do not think Russia is a threat to any country (‘Russia could be ‘single greatest threat’ to Britain: minister’, Gulf News, March 11). Maybe the Western nations are panicking because Russia, along with China and India, are moving away from the US dollar and want to create their currency. They have already created their own world bank!
From Mr C. P.
Melbourne, Australia
Full name withheld on request
Editors’ note: Is there a news report that you feel strongly about? Something that has to be addressed in the community and requires resolution? Email us on readers@ gulfnews.com. You can also post a comment on our Facebook page or tweet us @GNReaders.
