Key statistics for 2011 Savings Index

DUBAI - The 2011 National Bonds Savings Index shows a decrease across two of the three components among UAE residents compared to 2010, with Emiratis and Western expats experiencing a drop in their savings sentiments

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Published: Wed 29 Jun 2011, 11:22 PM

Last updated: Mon 6 Apr 2015, 5:24 PM

*Of the different nationality groups, Asian expats and Arab expats show an increase in their savings sentiments over the past year.

*The overall index score of 99 is a slight decrease over last year’s establishment wave (which is automatically given the value of 100 points).

*86 per cent do not believe their savings are adequate for their future (nine out of ten people are not confident in their current savings)

*Number of respondents who saved ‘Much less than they planned’ last year increased from 33 per cent to 46 per cent - almost half of all respondents

*The items people are spending more money than usual on are everyday things such as groceries (58 per cent), transportation (40 per cent) and household items (39 per cent)

Abu Dhabi residents are spending more on transportation, rents, eating out and luxury items, while Sharjah residents are spending more on groceries, household items, children’s education and travel outside the country.

*Of those who do save, 64 per cent admitted that the amount is usually less than a fifth of their income, while among Emiratis and Arab expats specifically, 40 per cent claim to save less than a tenth of their income.

*Overall the trends show that Westerners and Asians save bigger amounts than other segments of the society.

*Just under a tenth of the population have not made any attempt to save at all

*Among those who have not made any attempt to save, 73 per cent blamed it on high expenses and multiple bank loans. This shows that the problem is not willingness to save, it is the ability to save, which National Bonds will help solve.

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