Nearly half of UAE residents still in debt, 28% failing to save money at all

Nearly half of residents in the UAE are still in debt, while a significant number are failing to save money, according to figures from Payfort. Almost three in ten (27.8 per cent) admitted that they’re not able to save any money at all. The majority of the residents (38 per cent) do manage to set aside some funds for the rainy days, but they’re only able to save 10 per cent of their income per month.

Analysts had said earlier that the outlook for consumers remains tough, with households expected to see incomes squeezed further during the last part of 2017 and into next year. Already, consumers are feeling the pinch from higher fuel costs, while governments in the region prepare to implement value-added tax (VAT).

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As for those who are somehow able to stay on top of their finances or gain access to credit, the majority are planning to buy a house. Starting a business is the main goal for 16 per cent of the residents, while only a small portion (7 per cent) are saving for a holiday or wedding in the future.

Source Credit: Khaleej Times
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