Almost 50% Of UAE Residents See Drop In Savings Over Last Six Months

Around 72 per cent of the UAE’s residents said that their personal finance situation has either remained unchanged or worsened over the last six months, according to a new consumer confidence survey by online job portal Bayt.com and research organisation YouGov.

Up to 49 per cent of the respondents also said that their savings decreased during the period.

Although a majority of the residents (57 per cent) polled said that they expect their personal financial conditions to improve in the next six months, around 73 per cent also expect the cost of living to increase within the same time.

The index also revealed that 46 per cent of the respondents do not plan to buy a vehicle in the next 12 months and those who plan to do so, will opt for a used vehicle. Around 24 per cent of UAE residents are looking to buy properties within the coming year with most of them preferring to purchase new properties.

Respondents also expressed optimistic sentiments about the country’s economy with 39 per cent believing that the UAE economy has improved in the last six months.

Around 35 per cent of the UAE residents rate the business conditions in the UAE to be ‘good’ while 70 per cent of them expect it to improve in a year’s time.

The index also indicated a mixed response regarding employment opportunities in the country – while 26 per cent said that “there are plenty of jobs available across industries”, 24 per cent believe that “there are few jobs available across various industries”.

UAE respondents are satisfied with their career growth opportunities (43 per cent), non-monetary benefits (43 per cent) and job security (45 per cent), though they are mostly unhappy with their current compensation, with 39 per cent dissatisfied compared to 36 per cent who are satisfied.

“Respondents in the GCC countries seem to be especially happy with their current situation, in terms of job and the country’s economic stability,” said Sundip Chahal, CEO, YouGov.

“However, with the majority of people anticipating an increase in living costs and having experienced a decrease in savings, it may be time to take an evaluative look at the stability of personal financial situations.”