UAE residents want to be better savers in 2013 - even as they say they are spending more of their earnings on rent, groceries and eating out.
That was the picture that emerged yesterday from the latest overview of savings habits in the Gulf from the firm behind the country's popular National Bonds scheme.
National Bonds Corporation's Savings Index 2012, conducted with pollster YouGov, found that 60 per cent of UAE residents are upbeat about being able to either start saving or step-up their current saving in the next six months.
There's little doubt they need to - the survey also found that 87 per cent of residents fear they don't have enough saved for their future. That's the same figure as when the firm last released statistics earlier this year.
But while many in the UAE fear their savings stash may leave them short in the future, they seem to have got the savings message more than their Gulf neighbours.
While an alarming 65 per cent of those polled said they are not saving regularly, that figure rises to 71 per cent in Qatar, Oman, Kuwait and Oman and 74 per cent in Saudi Arabia.
"This year we noticed that while there is a willingness to save, there is a lack of education as to what tools can be used to save money regularly and effectively," said National Bonds CEO Mohammed Qasim Al Ali.
But while many of us may have the best of intentions for a financially prudent 2013, the survey also revealed that many residents have seen their outgoings increase. More than half of UAE residents - 56 per cent - say they are spending more on groceries, while a third say they are shelling out more to pay utility bills.
}About the same proportion - 31 per cent - say they are having to spend more on rent, while 30 per cent say eating out is costing them more.
Putting more money aside at a time when many say their costs are going up requires careful thought - but the pollsters found that when it comes to our financial affairs less than one-in-five of us - 17 per cent - consult an qualified expert - with 68 per cent of Gulf residents confiding only in their spouse.
National Bonds boss Al Ali said across the region there was still a "culture of people consulting their immediate social circles rather than professional advisers".
© 7Days 2012
