The paths of these two stars have intersected on several occasions due to their association with the luxury brand Bulgari
entertainment2 hours ago
While residents across the UAE are generally careful with their spending and happy about their overall current financial situation, several have admitted that they are currently in debt with no idea about their total debt.
Data collected online by YouGov Omnibus among 1,098 respondents in the UAE showed that debt is common among UAE residents, with more than three in five respondents currently having debt of some kind, most commonly from credit cards (33 per cent) and personal loans (28 per cent).
The high percentage of personal debts could be a direct result of inadequate financial knowledge, with 29 per cent of respondents indicating they do not feel well-informed about borrowing for credit cards or loans. The data also showed that close to one in three were unaware of their total debt and further to that, 39 per cent do not see their total debt reducing despite making regular payments.
When looking at the habits of those with current outstanding debt, around two in five displayed what could be deemed as risky behaviour. The most damaging would potentially be those using credit cards to pay for things they can't currently afford at 43 per cent, not saving any money due to debt at 40 per cent, and inability to make debt repayments on time at 36 per cent.
"Although most UAE residents seem to be managing their personal finance fairly well, debt seems to be a significant issue for them. In this cashless age, credit cards seem to be a blessing to push through the unexpected/unplanned drain of purchases. However, if not managed well, credit cards can become a burden instead of convenience. A third of UAE's debt is from credit cards," said Kerry McLaren, head of YouGov Omnibus.
"What is more alarming is that more than a third of debt-ridden people are oblivious to the interest rates on debts and even more worrying, a slightly lower percentage is unaware of their level of debt overall. This is an indicator of low financial literacy and awareness. Although people need to take more time to understand the factors that come with borrowing, it also sits with the responsibility of banks who could do more to ensure their customers are financially literate," McLaren added.
When looking at overall monetary well-being, more than half of the surveyed respondents across the UAE were happy with their current financial situation, with around one in three claiming to always feel in control of their finances. The majority seems to have adopted healthy financial practices, including timely payment of bills, upfront payment or reduced payment periods, having a plan for future financial challenges and avoiding using credit cards out of necessity. This suggests a really healthy approach in the region to future spending and saving.
Although this creates quite a positive picture, there are still underlying financial worries for a considerable portion of residents, with 35 per cent of respondents continually worrying about their finances and 47 per cent feeling troubled about losing their job or facing a large pay cut.
rohma@khaleejtimes.com
The paths of these two stars have intersected on several occasions due to their association with the luxury brand Bulgari
entertainment2 hours ago
The students' demands range from a ceasefire in Israel's war with Hamas to calls for universities to stop investing in Israeli enterprises
world3 hours ago
Despite Kohli's flowing form ahead of the T20 World Cup in June, pundits have raised concerns over his strike-rate
cricket3 hours ago
Saudi Arabia has begun to explore extracting lithium from sea water
business3 hours ago
Speaking after meeting Lebanese leaders, French foreign minister says there had been "a lot of progress" over the French proposals
mena3 hours ago
The three-shot winner from Japan says he is aiming to become a member of the PGA Tour in the future
sports4 hours ago
Big-hitting Nienaber falters at the finish to settle for secondwhile former Abu Dhabi resident David Horsey takes the third spot at Saadiyat Beach Golf Club
sports4 hours ago
The UAE is India's second-largest export destination after the US
economy4 hours ago