UAE Residents: Have You Set Savings Goals like 89% of Others?
Published on: February 4, 2024.
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Published: Wed 31 Jan 2024, 1:36 PM
The majority of UAE residents have set personal financial goals for 2024, according to a recent survey conducted by savings and investment company National Bonds. The survey highlighted that 89% of respondents have established their financial resolutions, with the top three priorities being increasing existing savings, planning for retirement, and allocating funds for children’s education.
The survey also found that 90% of participants feel confident in achieving their financial goals, with Asians displaying the highest confidence levels at 93% among expatriates. Both male and female respondents showed a similar level of commitment, with nearly 90% of both genders setting their financial resolutions. Female respondents prioritize increasing current savings, planning for significant purchases, and preparing for retirement, while male respondents also prioritize investing in children’s education.
Interestingly, the younger generation, Generation Z, displayed high proactive engagement in financial planning, with 92% of participants expressing interest. Their top priorities included increasing current savings and reducing unnecessary expenses, highlighting a growing financial literacy within this demographic.
The survey’s key findings revealed that 57% of respondents have set specific financial goals. These findings provide valuable insights into the financial aspirations of UAE citizens and residents.
Rehab Lootah, the deputy group CEO at National Bonds, expressed satisfaction with the survey results and emphasized the significance of the insights gained. She stated, “The survey, spanning diverse generations and demographics, reveals a robust 63% of the participants seek professional financial advice… The survey holds significant importance in understanding the UAE citizens and residents’ financial aspirations.”
Source: [Khaleej Times](https://www.khaleejtimes.com)
