UAE residents long for financial security

Being financially secure is deemed as more important than being married, job security, a successful career or travel, the YouGov survey found.

In this series:

■ 75 per cent fail to save enough for retirement

■ Survey finds many UAE residents failing to save for retirement

■ Survey finds 94 per cent of UAE residents have financial worries

■ Experts say people must resist urge to splurge

■ Some UAE residents own eight credit cards, survey finds

■ Rent is UAE residents' biggest expense, survey finds

■ Start saving from early age

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ABU DHABI // Being financially secure tops the list as the most important goal for residents.

It is more important than family, being married, job security, a successful career or travel, the survey found.

Nigel Sillitoe, of Insight Discovery, says a good start for financial security is finding a good adviser.

“Shop around and seek the opinions of several advisers,” Mr Sillitoe says. “If they fail to ask many questions about your circumstances and appetite to risk, simply walk away.

“Also, do your own homework on the companies and funds they are recommending.”

Of those polled, 159 are Emirati, 218 are Arab expatriates, 532 are Asian expatriates and 134 are western expatriates. The remaining 61 are from other nationalities.

The survey found 35 per cent of respondents hope to be financially secure before the age of 40. Half hope to be financially secure between the age of 40 and 60.

Not everyone says being financially secure is important.

Halim El Habouni, a 28-year-old Moroccan, is a salesman in Abu Dhabi.

Being financially secure is not a current priority, he explained.

“I save, but not that much,” Mr El Habouni says. “It depends. Maybe Dh500 a month. If I save some money it is fine. If I don’t then that is fine also.”

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About this series:

A study into the saving habits of Emiratis and expatriates found a quarter of all employed residents do not save any of their monthly wage. And 69 per cent have not started planning for retirement. The survey found that only 6 per cent of respondents do not have any financial worries. The majority of people’s wages are spent on rent, followed by groceries and household items leaving some residents dependent on multiple credit cards and longing for financial security. Financial experts advise residents to resist overspending to avoid a struggle when faced with unexpected expenses.

Coverage from March 9th:

■ Majority of expats in UAE sending money abroad, survey finds

■ High cost of living forces half of expats to consider leaving UAE

Coverage from March 10th:

■ UAE workforce is largely satisfied in their jobs

■ Emergency cash reserves needed in case of redundancy, says financial advisor

■ Most UAE employees unhappy with frequency of pay rises, survey shows

■ Many UAE workers fearful over losing their jobs