Half of working residents in the UAE claimed supporting their family financially is a goal they have set for themselves this year. This goal is more important to adults who are 25+ years in age as compared to their younger counterparts.
Apart from providing family support, saving for retirement (34%) is a goal for a third of working residents, and for another third feeling financially secure (34%) is a target for the year.
People aged 45+ years were more likely to prioritise saving for retirement as an annual goal as compared to those between 25-34 years (42% vs 29%). For these young adults, ‘starting a business’ and ‘buying a home’ rank higher in priority, at 37% each.
Following the goal of supporting their family, a considerable number of women have set a target of sticking to a monthly budget which is notably higher than the number of men claiming to do so (39% vs 30%). Similarly, more women than men have resolved to take a dream vacation this year (33% vs 25%).
The data shows that people’s financial goals are in line with their priorities. Not only is financially supporting their family a top goal among working residents, it also happens to be the top expense area for a majority after paying all fixed monthly bills. In this regard, 57% residents allocate monthly funds for family which includes remittances or supporting their spouse and kids. However, this expense is less of a priority for Western expats as compared to Asian and Arab expats.
For close to half (47%) ‘saving and investment’ is a priority after fixed monthly expenses are taken care of. Although 62% are likely to save for the future if they were to discover some extra money (through bonus, gift, etc.).
When trying to save money, three in five (59%) cut down on impulsive shopping in order to manage their finances. Half sacrifice eating out or ordering in (50%), and for 44% entertainment activities take a backseat.
When it comes to their finances, a majority of UAE working residents seem to be confident about handling money and display financial prudence. About three-quarters agree with the statement ‘I have a good understanding of money management’.
Furthermore, a large proportion (68%) are financially cautious and regularly put aside money for the purpose of saving, investing or for rainy days.
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