UAE residents saved more during pandemic, says survey

Dubai - 47 per cent of UAE residents who were earnings Dh40,000-plus saved more money

The UAE residents claim that they saved more money during the coronavirus days as compared to pre-crisis period, said a new survey
On average, 40 per cent of survey respondents acknowledged to have saved more money during the pandemic days, said the survey commissioned by Kearney Middle East and conducted by YouGov among 1,000 residents.
Around 40 per cent acknowledged having saved more money in the past few months as compared to the pre-crisis period. Those with income levels of over Dh40,000 reported to have increased savings during this period (47 per cent) followed by those earning Dh20,000-40,000 (43 per cent), Dh10,000-20,000 (41 per cent), Dh5,000-10,000 (39 per cent) and less than Dh5,000 (39 per cent).
Since majority of the people were working from home, they managed to save on transportation. In addition, the residents spent less and tightened their budgets due to uncertainty surrounding their jobs.
It said there are more people aged between 35 to 45 searching for jobs in the UAE than the young people who are in the age between 18 to 24, according to a new survey released on Monday.
Around 36 per cent of respondents have searched for other work opportunities, with fewer youth (18-24) applying for new work opportunities (28 per cent) compared to those between the ages of 35-45 (34 per cent), said the survey.
However, 38 per cent of respondents between the ages of 25-34 indicated that they are actively on a job hunt.
"The pandemic has not only encouraged personal change, but also spurred changes in some longstanding social constructs. The survey results reveal that despite the challenging situation, people have been motivated to improve their habits and behaviors, which if sustained can have long-lasting positive implications for UAE society," said Andreea Zugravu, principal at Government and Economic Development at Kearney Middle East.
Rudolph Lohmeyer, partner at National Transformations Institute of Kearney Middle East said harnessing the positive behavioral impacts of Covid-19 will not happen by itself. Building on them to accelerate progress in wellbeing and personal development, family and community cohesion, the inclusive growth of the digital economy and the sustainability of the planet, will require intentional action. Fortunately, behavioural science provides a powerful set of tools for doing precisely that." - waheedabbas@khaleejtimes.com