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Friday, June 18, 2021

Gulf residents express desire to improve poor savings habits

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Gulf residents are not saving nearly enough money for their futures, but they wish they were, a new report has found.

Only 29 percent of people surveyed in Qatar reported saving regularly, the 2012 National Bonds GCC Savings Index has found. That’s on par with Kuwait, Oman and Bahrain, more than Saudi Arabia (26 percent) and less than the UAE (35 percent).

But residents of all countries said they know they should be saving more, with a whopping 84 percent of people surveyed in Qatar saying they believe their savings are not adequate for the future.

Some 92 percent of those living in KSA agreed, and other GCC nations expressed comparable sentiments, the UAE-based investment and savings firm National Bonds Corporation PJSC found.

Only 1 percent of residents of Saudi Arabia, UAE, Qatar, Bahrain and Kuwait and 2 percent of those in Oman said they considered their savings as “more than enough” for their future.

Silver lining

Meanwhile, more than two-thirds of those surveyed said they planned to start saving money in the coming six months, with half expecting their incomes to increase within a year.

Other interesting stats:

  • Qatar residents spend more money on consumer goods and services than our Khaleeji neighbors, but all Gulf residents say they are spending more on groceries and amenities each year.
  • With 33 percent affirming, Qatar residents tend to eat out the most, followed by the UAE (30 percent), Kuwait (27 percent) and Oman (26 percent).
  • After the UAE, residents in Qatar were most likely to use gold as a savings vehicle and were also the highest overall users of property as an investment tool.
  • Children’s education (Qatar and the UAE) and retirement (Kuwait, Oman and Bahrain) were chosen as two of the top reasons for saving money across the Gulf.

Do you find it easy to save money here?

Thoughts?

Credit: Photo by Tax Credits

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