Thirty-one percent of the UAE residents have expressed their intention to make regular contributions to their savings in the next 12 months, signifying that saving remains a high priority on their future agenda, according to a latest survey by YouGov in 2023.
Savings, insurance, investments
Among the potential future activities for UAE residents, paying for health insurance (22%), investing in stocks and shares (18%), paying for home, pet, or automotive insurance (18%), and regularly contributing to their pension or retirement fund (17%) are some of the options they may consider.
Although consumers are already taking some measures to manage their finances, a significant proportion of UAE residents (34%) believe that they could benefit from additional assistance in learning how to effectively manage their money.
According to the YouGov poll, 30% of the UAE residents believe that having a better grasp of how to use investments to increase their wealth, as well as assistance in setting a budget and tracking expenses, would be beneficial in helping them manage their money effectively.
YouGov survey findings
- Regularly put money into your savings: 31%
- Pay for health insurance: 22%
- Make investments into stocks and shares: 18%
- Pay for home, pet, or car/automotive insurance: 18%
- Regularly pay money into a pension or retirement plan: 17%
- Buy items using Buy Now Pay Later plans: 16%
- Use short-term borrowing, like loans or credit cards to make a purchase: 15%
- Make investments into Cryptocurrency: 14%
- Pay for life or critical illness insurance: 14%
- Make regular payments on a mortgage or home loan: 14%
- Use finance to buy a car/automobile: 12%
- None of these things: 10%
- Use an overdraft facility/overdraft loan account at any point during the month: 10%
- Make over-payments on a mortgage or home loan: 9%
- Don’t know: 8%
Data for UAE was based on a nationally representative sample (aged 18+) of 1,204 respondents.
tanvir@dubainewsweek.com
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