A survey of 1,000 UAE residents has revealed people’s attitudes to saving money.
The resreach by Yallacompare shows that almost 58 percent of UAE residents are saving less money than they were a year ago, according to company’s Consumer Confidence Tracker for the second quarter of 2019. In the first quarter of 2019, 53.6 percent of those surveyed said the same thing.
Yallacompare has been running the tracker since the beginning of 2018 and the latest figures show those that save smaller amounts are saving less while those who save more have increased their monthly savings.
In the first quarter of 2019, 50.6 percent of respondents said they were saving Dhs999 or less, in quarter two, 47.7 percent said they were managing the same amount.
However, people saving between Dhs1,000 and Dhs1,999 per month increased, as did the amount of people saving between Dhs2,000 and Dhs2,999. The proportion saving more than Dhs5,000 per month also went up slightly.
“It’s noteworthy that the amount who traditionally save smaller amounts of money has decreased, while those regularly saving more has actually increased,” says Jonathan Rawling, CFO, Yallacompare. “It suggests that some of us are struggling to save at all, while others – around a fifth, according to the tracker – have been able to put aside higher amounts of money.”
We don’t know about you, but most of our money goes on brunches and ladies’ nights. Maybe it’s time to start saving properly.
