- 73% of married couples save regularly, marking a 27% increase over previous results
- 62% of UAE residents, 43% of UAE nationals in 41-55 age group are committed to retirement saving plans
- 53% of families with children do not save for emergencies
Dubai-UAE: 14 June, 2017 - National Bonds Corporation, the leading sharia-compliant savings and investment company in the UAE, announced the results of its financial health check for H1 2017 (from January until June 2017).
The National Bonds financial health check spans four main categories – monthly saving for married couples, retirement saving for people aged 41 to 55 years old, on time payment of credit liabilities, and emergency savings for families with children.
The latest survey included a sample size of 341 participants across different nationalities, of whom 296 were expat residents and 45 were Emiratis. The sample was distributed into four age groups – 18 to 25 years old, 26 to 40 years old, 41 to 55 years old, and 56 to 64 years old.
The results showed a significant increase in the keenness of married couples to save (73%), marking a 27 percent surge over the results of the earlier survey (46%), and reiterated the growing awareness among this segment of the importance of following a regular savings plan to ensure financial security.
The results of the current National Bonds financial health check also suggested that families with children have improved their savings habits to prepare for emergencies. The proportion of non-savers among this group decreased from 55 percent in the earlier survey report to 53 percent currently, again indicating an increased awareness by this segment of the importance of saving for the future while parallelly meeting their daily needs.
Another optimistic finding was the increase in the number of people saving for retirement in the 41 – 55 age group, with 62 percent among UAE residents and 43 percent among UAE nationals participating in the survey.
Regarding credit liability payments, the survey showed that 89 percent of nationals and 74 percent of residents were keen to pay off outstanding dues on their credit cards and personal loans. In addition, the results of the health check registered a drop of 2 percent among UAE nationals and 7 percent among UAE residents that were not committed to paying off outstanding debts.
Speaking on the results of the National Bonds financial health check H1 2017, Mohammed Qassim Al-Ali, CEO of National Bonds, said: “The upward trend when it comes to saving is a positive indicator of the increased awareness of the importance of following regular saving plans to meet the daily requirements of individuals and families and ensure financial security for the future at the same time. It is heartening to note that saving has become a regular practice. The percentage of married couples that now save has risen to over 25 percent compared to previous results. We believe these results validate our sustained efforts to enhance financial literacy and instill a culture of saving and financial planning in the community over the past few years.”
He added: “National Bonds is committed to providing secure saving plans and reliable consultations that enable our customers to manage their savings and protect their future through well-crafted saving and investment programs.”
National Bonds Corporation launched the financial health check in February 2014 to monitor the performance of its savings programs and provide the necessary data to help customers develop financial planning skills and achieve financial security.