Over half of UAE residents think they don’t earn enough to save

Most people attribute financial insecurities to a lack of income and list loans and credit card debt

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More than half of UAE residents say they do not believe they earn enough money to save, according to a recent survey.

The survey, carried out by finance comparison site compareit4me, revealed that 53 percent of respondents said they do not earn enough money to save.

The research also indicate that while less than half of UAE residents set aside funds from their monthly wage for retirement or emergencies, more than 30 percent do not save a “single dirham,” with over 13 percent admitting they believe life was too short to save.

“It’s easy to put off saving especially in your younger years, but before you know it, another year has passed and you still haven't put your saving plan into action. There are a wide range of investment opportunities available to expats,” an editor at the compareit4me group Sonja Stephen said in a statement.

“For example, offshore banking is a great way to keep track of your finances, while enjoying the security and comfort of having your money in a highly regulated environment.”

She added: “It hasn’t always been the case, but savers in the UAE can now earn higher returns on their money. The majority of the UAE banks are now offering attractive savings and fixed deposit accounts too.”

Most people attribute financial insecurities to a lack of income and list loans and credit card debt among their biggest concerns.

“Along with good credit card management, making payments in full and on time, both factors which are essential to avoid debt, it’s smart to focus on a savings plan,” Stephen added.

“Individuals should tailor a realistic savings plan to suit them and should take positive steps to achieve their goal. Increasing emergency savings, signing up for a good pensions plan and even investing are all key areas that should never be overlooked.”

In the third quarter of 2015, the UAE saw a fall of five percent in the number of new jobs available to 7,621 in the professional hiring market against 8,002 jobs in the third quarter of 2014, according to the quarterly employment monitor published by Morgan McKinley, a global professional services recruiter.

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