Confusing time for UAE residents and their money

A new consumer confidence survey from Bayt.com reveals a mixed message about the relationship between UAE residents and their money.
DUBAI, UNITED ARAB EMIRATES, Jan 4, 2015. Shoppers at Dubai Mall during the 2015 edition of Dubai Shopping Festival. DSF celebrates it's 20th anniversary this year. Photo: Reem Mohammed / The National
DUBAI, UNITED ARAB EMIRATES, Jan 4, 2015. Shoppers at Dubai Mall during the 2015 edition of Dubai Shopping Festival. DSF celebrates it's 20th anniversary this year. Photo: Reem Mohammed / The National

It’s a confusing time for UAE residents and their money. While more than half of us believe our financial position will improve in the next six months, the majority of us (74 per cent) also expect the cost of living to rise.

Then again, over half of us expect the UAE economy to get better in the next half of the year.

All of these insights come from the latest Middle East and North Africa Consumer Confidence Index survey carried out by the job site Bayt.com.

The mixed message continues when the survey reflects back. A quarter of those polled feel their finances improved over the last six months while just over half said their savings have decreased in comparison with a year ago.

That’s not to say everyone is rushing out to get a new job in a bid to increase their income. Far from it.

According to the poll, UAE professionals are generally happy with their salary (40 per cent), even happier with their job security (44 per cent) and almost over the moon with their non-monetary benefits (48 per cent).

And despite less savings and the potential for a higher cost of living, the desire to spend has not abated. Almost four in ten UAE residents hope to buy a new car in the next six months, almost three in ten to invest in property and a similar number plan to buy a laptop or desktop computer.

As I said, it’s a confusing time for UAE residents.

arayer@thenational.ae

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Updated: July 21, 2017 06:53 PM

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