For 50 percent of residents working in the UAE, providing monetary support for their families is a top financial goal in 2020, data analytics firm YouGov has revealed.
According to a YouGov survey, 57 percent of respondents allocate monthly funds for their families, which include remittances or support for their spouse and kids.
Feeling financially secure and saving for retirement are the top goals for 34 percent of respondents, while another 33 percent aim to start a business. For 32 percent, sticking to a monthly budget takes priority.
Buying a home and investing more are top goals for 31 percent of survey respondents.
People aged 45 years and above prioritise saving for retirement more than those aged between 25 and 34 years (42 percent vs 29 percent). For these young adults, starting a business and buying a home rank higher in priority, at 37 percent each.
Women favor sticking to a monthly budget (39 percent) more than men (30 percent) and they also prioritise taking a dream vacation (33 percent) more than men do (25 percent).
For 47 percent of survey respondents, saving and investment is a priority after fixed monthly expenses are taken care of. To save money, 59 percent cut down on impulsive shopping, 50 percent cut on eating out and 44 percent cut entertainment activities.
74 percent of respondents said they have a good understanding of money management while 73 percent said they have adequate financial education and understand basic financial terms.
68 percent regularly put aside money for saving/investing/emergency etc. and 52 percent said their current financial planning makes them feel confident about their retirement. Emiratis (74 percent) are much more confident about their retirement plans when compared to other nationality groups in the country.
The survey data was collected online among 813 respondents in the UAE between February 24, 2020 and March 2, 2020.
(Writing by Gerard Aoun; editing by Seban Scaria)
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