According to a new National Bonds’ survey which took into account the views of 2000 respondents living in the GCC region, over 80% of people are not saving enough for their future financial goals. The new research is an increase from last year’s results where 77% of respondents believed they did not save enough to secure a good financial future.
According to Andrew Prince of deVere Acuma the survey showed that people were not prioritising saving money. He said:
“What the majority do once their salary is credited into the bank, is pay all of the bills (rent, utilities, food etc.) go out for lunch and cinema, and then realise there is little left over to save at the end of the month.
“In other words, their priorities are wrong as [they] are living day to day.”
This sentiment has been echoed by Mohammed Qasim Al Ali, CEO of National bonds. In wake of the survey he said:
“Inappropriate compulsions to maintain a certain lifestyle not only results in lack of savings, but also pushes people into deep debt traps.
“Indeed, there is a greater need to reinforce financial discipline among consumers.”
In a study by compareit4me, 30% of respondents stated they could not save a single dirham.
Mr Prince recommended consulting a financial planner about your future needs. Stating:
“A simple suggestion is to work with an adviser to identify what your goals are and then they will help you calculate what this means to you on a monthly basis.
“So, whether you wish to save for your child’s university costs, a deposit for a house or that special trip of a lifetime, everything can be calculated and managed rather than let your money manage you.
“This may be a challenge initially and I’m a firm believer in a little bit of something is better than a lot of nothing and remember, each year when you have a pay rise, increase the amount you save.”
If you are concerned you are not saving enough for your future retirement goals your best option is to contact me, an award winning financial planner. As a Dubai resident I can help you reach your future financial goals using the best financial products available.
To begin, click here and complete the Call Back Service form in the first instance.
Source: Gulf News