An exclusive survey by International Financial Group Limited (IFGL) in the UAE has identified ‘not saving enough’ as the biggest financial-related concern for residents.
Around half of the 1,000-plus respondents cited this as a top concern keeping them awake at night – more so than ‘paying rent’ (49%), the ‘cost of medical insurance’ (39%) and ‘retirement funding’ (32%).
By contrast, UAE residents are relatively unconcerned about financial obligations such as paying for events like their child’s wedding (9%), a summer holiday (16%) and the mortgage (19%).
The survey, conducted between October and December 2024, asked the same question to residents across various demographics – by gender, age, location, ethnicity, marital status and salary range. In general, the factors that keep respondents awake at night are the same for everyone.
“We can see some consistent themes in the UAE about how residents think about their financial situation, and what’s important or concerning for them,” said Stuart Shilcock, Senior Executive Officer Middle East of IFGL, the provider of investment, savings and protection solutions to expats and wealthy locals around the world.
Five other notable findings from the IFGL survey include:
1. Women are generally more concerned than men when it comes to saving enough and funding retirement.
2. Retirement funding is more of a worry for individuals in the highest income group (over AED 25,000) compared with respondents in the lowest group (under AED 10,000).
3. Western and Arab expats consider savings levels and funding retirement as much bigger factors keeping them awake at night than Emirati or Asian respondents – while Emiratis are much more concerned than other ethnic groups about paying for the future education of their children.
4. Not saving enough and funding retirement are significantly more worrying for single people than those who are married, especially if the latter already have children.
5. Younger respondents (18-24 years old) worry much more about their levels of savings than any other age group, although this means they have more time to start planning to make a difference.
“For many people in the UAE, financial preparation and professional advice appear to be essential, and could help them sleep better at night, whoever they are,” added Shilcock at IFGL, which has $25bn in assets under administration.
