Savings culture on the rise in UAE as nearly 90% set financial goals for 2024: National Bonds
Top priorities this year are increasing existing savings, planning for retirement
Dubai: The UAE is experiencing a growing savings culture, as revealed by a recent survey from National Bonds. The findings indicate that almost 90 per cent of respondents have set their financial goals for 2024.
Among the top financial objectives for UAE residents are increasing existing savings, planning for retirement, and allocating funds for children’s education, according to National Bonds.
And among participants from Generation Z, a whopping 92 per cent exhibit proactive engagement in financial planning. About 57 per cent of the respondents have set specific financial goals. According to the Savings company, 63 per cent are willing to access a professional financial advisor to achieve financial resolutions.
Rehab Lootah, Deputy Group Chief Executive Officer at National Bonds, said, “The survey, spanning diverse generations and demographics, reveals a robust 63 per cent of the participants seek professional financial advice, affirming the success of our ongoing awareness campaigns aimed at enhancing financial literacy.”
The survey also said that 90 per cent of respondents had expressed confidence in realising these goals, with Asian nationals displaying the highest confidence levels at 93 per cent among expatriates.
Women are saving more than men
The survey also highlighted priorities between genders, showing that 90 per cent of female participants have set their financial resolutions compared to 89 per cent of the male respondents.
Delving into the specifics, female respondents prioritise increasing current savings, planning for significant purchases, and preparing for retirement. In contrast, their male counterparts prioritise increasing current savings, planning for retirement, and investing in children’s education.
The survey holds significant importance in understanding the UAE citizens and residents’ financial aspirations and underscores our commitment to empowering individuals to make informed financial decisions and navigate their financial journeys with confidence.
Among the younger (Gen Z) participants, 92 per cent exhibit proactive engagement in financial planning by setting financial resolutions. “Their top priorities include increasing current savings and reducing unnecessary expenses. This result highlights a growing financial literacy within the younger demographic,” said National Bonds.
To fortify its business landscape, boost foreign direct investment, attract skilled talent, and encourage company expansion, the UAE has implemented economic, legal, and social reforms. Last year, the country introduced an elective savings retirement plan, enabling employees in the private and free zone sectors to invest their end-of-service benefits for long-term wealth creation.