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Compiled by Sondos Market Research, the survey aimed to gain feedback on three key areas -- financial stability, potential for saving and existence of an enabling savings environment in their respective countries.
The survey revealed that 59 per cent of respondents -- 68 per cent of men and 29 per cent of women -- are the sole earning members in the family, and therefore the only contributors to the family's finances.
> 91% of regular savers save monthly, marking a 4% increase from 2015
> 64% of savers plan to increase their savings, 68% plan to start saving
> Potential for saving increases by 19% compared to 2015
> 55% saved less in 2016 than they did in 2015
> 45% expect an increase in their income
> 89% think their savings are not enough for the future
> 55% saved less than planned, while 28% saved about the same amount
Of the total number of respondents, 37 per cent -- 66 per cent of women and 29 per cent of men -- are partial contributors to the family's income. Fifty-two per cent of the respondents participate in making financial decisions for the family.
In key outcomes, even with a 2.36-point decrease in the National Bonds Savings Index for the UAE, the results for the country indicate a significant increase in potential for saving and an overall positive outlook on financial stability in the nation.
More specifically, 85 per cent of the respondents in the UAE foresee a stable financial status in 2017, and 64 per cent plan to save more. Sixty-two percent UAE nationals, 65 per cent Arab expatriates, 65 per cent Asian expatriates and 50 per cent Western expatriates expressed the intent to increase their savings in the next six months.
Furthermore, a larger number of non-savers planned to begin saving in 2016, including 71 per cent Asian expats compared to 65 per cent in 2015, while the proportion remained the same for Emiratis at 50 per cent and Arab expats at 88 per cent.
A decreased 27 per cent of the respondents in the UAE regarded 2016 as suitable for saving, compared to 30 per cent in 2015. While 30 per cent UAE nationals and 30 per cent Asian respondents thought 2016 was suitable for saving, 47 per cent Arab expatriates thought 2016 was unsuitable for saving, a 12 per cent increase compared to 2015, while 46 per cent Western expats preferred not to answer.
To questions on why 2016 was a good year for saving, 36 per cent of the respondents cited better available investment opportunities in the UAE. On the flip side, 38 per cent said that high living expenses and inflation were the main reasons that 2016 was not suitable for saving. Interestingly, 50 per cent of the respondents received a pay rise and/or bonus in 2016. Of those respondents, 77 per cent saved some of the additional money earned.
In the context of regular saving, the index has revealed that 91 per cent save monthly, compared to 87 per cent in 2015. At 46 per cent, Western expatriates are the most committed to regular saving, closely followed by Asians at 45 per cent, while Arab national savers accounted for 26 per cent. UAE national regular savers increased from 28 per cent in 2015 to 37 per cent in 2016.
On whether savings occurred in line with their 2016 plans, 71 per cent of those surveyed replied in the negative, with 76 per cent Arab expatriates admitting to saving less than planned compared to 75 per cent Westerners, 67 per cent Asians and 64 per cent UAE nationals.
When questioned about the factors that may negatively affect their savings plans for 2017, 40 per cent cited high cost of living as the main concern, 27 per cent mentioned loss of job (self or spouse) and 18 per cent cited education expenses.
The index also showed that 89 per cent of the respondents in the UAE thought their savings were not enough for the future, compared to 84 per cent in 2015. Moreover, 91 per cent UAE nationals, 75 per cent Western expatriates, 94 per cent Arab expatriates and 86 per cent Asian expatriates believed they were not saving enough.
The index also indicated a difference in the culture of saving among nationalities. Of all respondents in the UAE, 75 per cent regard personal savings as very important. Yet, 46 per cent have only started to save during the last one to six years. Notably, 29 per cent Western expatriates started saving more than 10 years ago, compared to 12 per cent UAE nationals, 20 per cent Arab expatriates and 17 per cent Asians.
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