For UAE residents, retirement saving remains top priority: National Bonds

Dubai: Saving for retirement remains the top financial goal among UAE residents, according to a new survey brought out by National Bonds. It is the second straight year that retirement planning topped the list of financial aspirations among those looking to generate more savings out of their income.

When it comes to savings, younger residents in the UAE too are getting the message. “Younger generations are demonstrating increasing financial awareness, with 40% of Gen Z and 36% of millennials expressing confidence in reaching their financial goals, compared to 32% of Generation X,” said a statement from National Bonds.

At the same time, many residents still rate going in for a high-value purchase such as a home as a top priority when using their funds. So is, for that matter, buying a car.

When it comes to savings, UAE companies are offering residents and employers multiple options to choose from. Recently, the Dubai-based insurer Sukoon launched the ‘Go Saver’ employee money purchase scheme meant for DIFC based entities.

Employees at DIFC entities can access a curated and ‘diversified choice of investments’. The offering has a fully capital protected option provided by Sukoon Insurance and Generali Global Pension, a select list of independent funds, and multiple risk-based portfolios offered by Franklin Templeton.

More companies are set to get into the UAE’s pension planning programs, as the market moves from the way the current end-of-service benefit system works.

According to the National Bonds poll, 40% of respondents confirm being on track to meet their 2024 financial goals, while 45% said they had partially attained those targets.

“Confidence levels regarding financial plans for 2025 varied, with 36% expressing complete confidence in reaching their financial aspirations,” said the statement.

On the gender side, 42% of men polled say they are on track to meet their financial goals compared to 33% of women, according to the poll.

“The results of this year’s survey reflect a growing commitment among individuals to achieving financial stability, particularly in retirement planning,” said Rehab Lootah, Group Deputy CEO of National Bonds.

What were UAE Nationals’ financial priorities?

94% of Emiratis were ‘more inclined’ to consult financial advisors or use financial planning tools compared to 77% of expatriates.

The National Bonds’ survey also found that the rising cost of living and unexpected expenses as primary obstacles in meeting savings plans.