UAE: Are you among the 89% residents who have set savings goals?

About 90% of respondents have expressed confidence in realising these goals

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A Staff Reporter

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Published: Wed 31 Jan 2024, 1:36 PM

An overwhelming majority of UAE residents (89 per cent) have established personal financial goals for 2024, a survey has revealed. Responding to questions posed by savings and investment company National Bonds, these residents listed out their top priorities: Increasing existing savings, planning for retirement, and allocating funds for children’s education.

About 90 per cent of respondents have expressed confidence in realising these goals, with Asians displaying the highest confidence levels at 93 per cent among expatriates.

Nearly 90 per cent of both male and female respondents have set their financial resolutions. Female respondents prioritise increasing current savings, planning for significant purchases, and preparing for retirement. For men, along with prioritising increasing current savings and planning for retirement, investing in children’s education is a key goal.

Among Generation Z participants, 92 per cent exhibit proactive engagement in financial planning. Their top priorities include increasing current savings and reducing unnecessary expenses. This result highlights a growing financial literacy within the younger demographic.

According to the survey’s key findings, 57 per cent of the respondents have set specific financial goals.

Rehab Lootah, deputy group chief executive officer at National Bonds, said: “I am happy to share the impactful insights derived from our recent survey. The survey, spanning diverse generations and demographics, reveals a robust 63 per cent of the participants seek professional financial advice … The survey holds significant importance in understanding the UAE citizens and residents’ financial aspirations.”

Rehab Lootah
Rehab Lootah

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