Dubai: The world’s wealthy are not going to shed their fears about the COVID-19 any time soon. In fact, in the UAE, 81 per cent believe that fear will prevail.
And they – as well as their global peers - are making changes to deal with it by heading to less populated areas from urban centres, while seven in 10 will reduce travel and trips to the office.
Plus, they will move closer to families and make health a priority.
"A silver lining in this pandemic is that while 79 per cent of millennial investors in the UAE told us they were financially impacted by COVID-19, 85 per cent also said they are highly interested in sustainable investing, and want their money to have an impact,” said Ali Janoudi, Head of Middle East and Africa at UBS Global Wealth Management, which brought out the survey.
These findings are based on the UBS survey, which polled 3,750 investors in 15 global markets.
How long will it last?
The survey saw 57 per cent per cent of investors stating the pandemic affected how they think about their money. And
• 56 per cent worry about not having enough saved if there is another pandemic;
• 58 per cent worry about working longer to make up for retirement losses;
• 60 per cent worry about being a financial burden to their family if they get sick;
• 54 per cent worry about leaving enough money for the next generation.
Among the many demographics, millennial investors were more likely to say that the pandemic affected them financially and were more concerned about the state of their finances. Seventy-three per cent of millennials felt they were financially impacted by the pandemic, and 74 per cent said the pandemic impacted how they think about their money.
According to Niels Zilkens, Head Arabian Gulf at UBS Global Wealth Management, "Local investors are reconsidering the way they invest holistically. They are looking for guidance and we are here to help them navigate these uncertain times."