ABU DHABI // Some residents believe the job market is bouncing back to what it was before the economic downturn – but others are not so sure.
Survey respondents were split when asked if they felt salaries in the country have returned to what they were before the financial crisis hit in the latter half of 2008.
Of those polled, 46 per cent believed that the salaries in the country have returned to pre-financial crisis versus 43 per cent of respondents who disagreed with the same idea.
Salaries and cost of living are not in tandem for residents as more than half (51 per cent) of them think that there has been a lag between level of salaries and the cost of living over the last few years.
“Residents report mixed assessment of their financial situation when they were asked if their situation has improved or declined over the past few years,” said Alaeddine Ghazouani, of YouGov. “Perception of the evolution of the relationship between salaries and cost of living is also inconsistent as the occurrence of the last pay rise significantly varied among residents.”
However financial experts believe the overall feeling of optimism has increased compared to a few years ago, when many were worried about losing their jobs.
“People are definitely more secure,” said Nigel Sillitoe, the chief executive of Insight Discovery, a financial consultancy in Dubai.
“There is no comparison between 2009 and present day. Confidence in Dubai and the wider UAE is incredibly high.
“This is in spite of the fall in oil prices, which has less impact on Dubai than elsewhere in the GCC.”
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About this series:
A study into the saving habits of Emiratis and expatriates found a quarter of all employed residents do not save any of their monthly wage. And 69 per cent have not started planning for retirement. The survey found that only 6 per cent of respondents do not have any financial worries. The majority of people’s wages are spent on rent, followed by groceries and household items leaving some residents dependent on multiple credit cards and longing for financial security. Financial experts advise residents to resist overspending to avoid a struggle when faced with unexpected expenses.
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In this series:
■ Majority of expats in UAE sending money abroad, survey finds
■ High cost of living forces half of expats to consider leaving UAE
Coverage from March 8th:
■ Survey finds 94% of UAE residents have financial worries
■ Rent is UAE residents' biggest expense, survey finds
■ Survey finds many UAE residents failing to save for retirement
jbell@thenational.ae
