Anxiety about retirement higher among UAE residents: Survey

Fifty-four per cent of UAE residents feel that they work more than they'd like to, a survey says.

The more you work, the more you earn and less are the worries. But this might not be true here in the UAE, reveals a new survey.
According to a survey conducted by KPMG in eight countries, UAE residents work longer than those in China, the United Kingdom, the United States, Canada and France, but still their anxiety level about retirement is higher than the people residing and working in those Western countries.
The survey results conducted in its Me, My Life, My Wallet report revealed that around 54 per cent of UAE residents feel that they work too much or more than they'd like to, second only to India.
People in the UAE work 5.5 days per week on average compared to 5.7 days in India. Those in China and Brazil work 5.3 days per week on average, 5.30 in France, 4.9 in the US, 4.8 in Canada and 4.7 in the UK.
When it comes to retirement, 32 per cent of UAE consumers report a high level of anxiety compared to 28 per cent in Canada and India and 25 per cent in France and US, said Willy J. Kruh, global chairman for consumer and retail at KPMG.
Ambareen Musa, CEO of souqalmal.com, attributed the higher anxiety level because expats don't have families and they don't really get time to play and spend time with their them. Another component is that their career level in the UAE is different from their home country.
"It is a very competitive market here. Anxiety level in the UAE is high because it is not the first home for most of the people because you only have a work visa. So if you don't perform well you have to leave the country - pack up and go back," Musa told Khaleej Times in an interview.
"So either you have a job or you don't have job. People have families to support and this is causing a certain level of anxiety."
"I would say work and money at this point in time. Stress is a factor of course, but not a constant," 27-year-old Sharjah-based resident Amr was quoted as saying in the report.
The KPMG survey results revealed that 60 per cent of consumers in the UAE say they have trust in the government - the highest among the eight countries surveyed for the report.
That figure is also significantly ahead of the global average of 37 per cent.
In a time-poor environment, KPMG survey showed 41 per cent of consumers work six days a week, more than any developed market so the chance to save time is a powerful draw into the online world.
"Despite the growth of online retailers and increased willingness to pay using electronic means, malls will likely remain at the center of consumers' leisure time," the survey results pointed out.
"Top-end destinations are attempting to retain and expand their consumer base, using apps, Bluetooth beacons and other technologies to augment the consumer experience digitally, while simultaneously providing more detailed data to retailers."
- waheedabbas@khaleejtimes.com