Majority of UAE residents worried with finances, survey reveals

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Majority of UAE residents worried with finances, survey reveals

 

DUBAI – A big majority of UAE residents expressed concern about their personal finances, with nearly half delaying major life decisions due to financial reasons, according to a new survey.

According to the Smart Crowd Financial Freedom survey, 68.8 percent of respondents said they were concerned about their personal finances, with 30.3 percent fearing they may not be able to maintain their current lifestyle.

Around a third of respondents said they want to invest in property, but cannot afford it, while just over 16 percent say they’d like to invest, but don’t know how or where.

“Given that around a quarter of our respondents own property in the UAE, it’s clear that they are feeling the pinch,” said Siddiq Farid, co-founder of investment crowd funding platform Smart Crowd.

Farid encouraged UAE residents to look for “viable alternative ways to invest”, adding that the “economy and the property markets are cyclical, or experience peaks and troughs”.

The survey also shows that many respondents had delayed major life events due to financial concerns – like marriage and having children.

Nearly half of those surveyed, or 48.2 percent of respondents, revealed they have delayed house purchase or holiday plans due to financial constraints.

More than 60 percent of respondents, however, said they are confident that they can overcome their financial hurdles and have positive financial plans in place. Some 70 percent of respondents also said they expect salaries to increase this year. GAD/Expat Media

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