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.
newsdesk@thenational.ae
