A latest survey conducted through International Financial Group Limited (IFGL) has discovered that a big wide variety of UAE citizens are dropping sleep over economic concerns, with “not saving sufficient” rising because the maximum prominent worry. The examine, which surveyed over 1,000 respondents between October and December 2024, sheds mild at the monetary anxieties that hold UAE citizens wakeful at night time. The findings additionally spotlight the important thing elements influencing these issues, as well as demographic variations in how citizens enjoy economic stress.
Main Findings of the Survey
The survey recognized “now not saving enough” as the biggest monetary difficulty for almost half of the respondents. Specifically, forty nine% of the people surveyed referred to this difficulty as a top worry, a ways outstripping different monetary stresses inclusive of the cost of lease, health insurance, and retirement funding.
In contrast, different financial obligations appeared less troubling for citizens. For example, most effective 9% of respondents have been concerned approximately paying for his or her toddler’s wedding ceremony, 16% concerned about funding a summer time vacation, and 19% mentioned paying off a loan as a prime problem.
The look at, which spanned various demographics inclusive of gender, age, marital repute, and income stage, determined that concerns about financial safety are widely shared throughout the population, with little variant in the styles of concerns among distinct companies. However, positive developments did emerge when searching nearer at particular demographics.
Gender and Income-Related Concerns
Women had been normally more worried than men about their financial state of affairs, specifically when it got here to saving enough and preparing for retirement. This finding underscores the frequently greater financial responsibility that girls have a tendency to shoulder, in addition to the growing want for economic independence and making plans among women within the UAE.
Income also played a crucial position in shaping monetary issues. Respondents with higher incomes—earning over AED 25,000 per month—expressed more tension approximately saving sufficient and planning for retirement as compared to those with decrease salaries (underneath AED 10,000). While higher-profits earners are more likely to have get right of entry to to economic recommendation and planning equipment, the expanded financial stress and the desire for long-time period wealth security may additionally explain their heightened worries.
Ethnic and Cultural Variations in Financial Anxiety
The survey also exposed variations in financial concerns among diverse ethnic companies inside the UAE. Western and Arab expatriates expressed more concerns approximately their savings ranges and the adequacy in their retirement investment than Emirati or Asian residents. These businesses are regularly less acquainted with nearby financial systems and might feel greater uncertain about securing a future in a rustic in which they’ll now not have everlasting residency.
On the other hand, Emirati respondents showed a stronger cognizance on worries approximately the destiny education expenses for his or her children. This is reflective of the cultural importance positioned on schooling inside the UAE, especially as Emiratis regularly look to steady the first-class opportunities for their children each locally and overseas.
Age and Marital Status Influence Financial Anxiety
The survey additionally found out that monetary concerns had been extra stated among sure age corporations. Younger residents, especially those between the ages of 18 and 24, expressed the most tension about their financial savings, though in addition they have extra time to address and control these worries as compared to older generations. This may additionally mirror a lack of monetary planning enjoy or an consciousness of the importance of financial savings at an early age, motivating them to take proactive steps in managing their budget.
Additionally, unmarried individuals have been much more likely to be burdened about saving sufficient and funding their retirement than those who had been married—in particular married people with youngsters. This might be due to the fact unmarried human beings may additionally feel more susceptible in relation to planning for the destiny, at the same time as married couples may also experience that they’ve greater aid in addressing these problems together.
The Need for Financial Planning and Professional Advice
The findings of this survey endorse that many humans within the UAE ought to advantage from better economic practise and professional financial recommendation. Financial anxiety is a tremendous issue that affects both expatriates and locals, and the facts factors to a clean want for training, resources, and help to assist residents make sound economic decisions.
Stuart Shilcock, Senior Executive Officer Middle East at IFGL, emphasised that expert steering should assist alleviate some of the financial pressure confronted through residents. With over $25 billion in assets under control, IFGL gives funding, savings, and protection solutions for expats and wealthy locals, and Shilcock suggested that for lots, planning for the destiny should cause a more secure financial scenario and, in the long run, better sleep at night.
Broader Implications and the Need for Financial Education
The results of the IFGL survey mirror a broader trend in the UAE, in which residents are grappling with the pressures of dealing with their price range in a swiftly converting monetary landscape. With the price of residing growing and the destiny unsure for plenty citizens, having a strong financial savings and investment strategy is extra critical than ever.
Financial literacy is another vicinity which can help alleviate worries. Many people inside the UAE, specially expatriates, may not completely recognize the local economic systems, tax implications, or retirement planning options to be had to them. Ensuring that these individuals are ready with the information to make knowledgeable monetary choices is an vital a part of tackling the anxiety round not saving enough.
Conclusion
The IFGL survey highlights that financial concerns are a common thread across the UAE’s numerous population, with “no longer saving sufficient” rising because the maximum pervasive worry. While monetary issues range through gender, earnings, ethnicity, age, and marital reputation, there is a clear need for extra complete monetary planning and schooling. By addressing those issues and presenting greater tailored financial recommendation, citizens of the UAE can probably lessen their financial anxiety and build a extra stable future for themselves and their families. Financial coaching and expert advice can be key to not simplest enhancing the economic nicely-being of people within the UAE however also to making sure peace of thoughts and better sleep at night.
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