Is it time to tighten the belt or leave?

We asked 2,605 TaskSpotting users for their opinions regarding the cost of living in the UAE

From fuel, to utilities, education and health care the cost of living in the country has risen steadily and residents have had to adjust themselves, as they try to make ends meet and save as well. This has been difficult especially as salaries have largely remained static.

It appears that costs will only escalate further. Experts have predicted that rising utility and energy costs would outweigh any decline in rents and push consumer prices higher. Some banks have been forecasting that inflation will accelerate this year from 2016.

And there will be further inflationary pressure when the country introduces VATnext year. There’s only one strategy that works in such a situation and that’s to tighten your belt.

We asked 2,605 TaskSpotting users for their opinions on this issue. TaskSpotting describes itself as the region’s only advocate marketing platform and pitches our questions to its app community who typically engage with brands to create content and share feedback.

The majority of our data pool say they felt squeezed and that their savings had dwindled. Over 90 per cent also said that they had to make lifestyle adjustments. Fifty-eight per cent respondents said they were considering leaving the county.