Among the top financial objectives are increasing existing savings, planning for retirement, and allocating funds for children’s education.
National Bonds, the specialist UAE leading savings and investment company, has released findings from its recent survey, shedding light on the financial behavior, saving aspirations, and trends prevalent among both UAE nationals and expatriates, across different generations (Gen Z, Millennials, Gen X and above).
According to the survey’s key findings, 57% of the respondents have set specific financial goals, and a substantial 63% of the participants are inclined towards seeking professional financial advice, underscoring the pivotal role of the company’s ongoing awareness campaigns aimed at enhancing financial literacy.
The survey indicates that 89% of all respondents have established financial goals for 2024. Among the top priorities are increasing existing savings, planning for retirement, and allocating funds for children’s education.
Notably, 90% of respondents have expressed confidence in realizing these goals, with Asian nationals displaying the highest confidence levels at 93% among expatriates.
The survey highlights evident priorities between genders, it has shown that 90% of female participants have set their financial resolutions compared to 89% of males. Delving into the specifics, female respondents prioritize increasing current savings, planning for significant purchases, and preparing for retirement, while their male counterparts prioritize increasing current savings, planning for retirement, and investing in children’s education. This is attributed to the different roles that females and males play in societies and the priorities that each one places based on their roles.
Among Generation Z participants, a notable 92% exhibit proactive engagement in financial planning by setting financial resolutions. Their top priorities include increasing current savings and reducing unnecessary expenses. This result highlights a growing financial literacy within the younger demographic.
Commenting on the survey findings, Rehab Lootah, Deputy Group Chief Executive Officer at National Bonds, said: “I am happy to share the impactful insights derived from our recent survey. The survey, spanning diverse generations and demographics, reveals a robust 63% of the participants seek professional financial advice, affirming the success of our ongoing awareness campaigns aimed at enhancing financial literacy.”
“The survey holds significant importance in understanding the UAE citizens and residents’ financial aspirations and underscores our commitment to empowering individuals to make informed financial decisions and navigate their financial journeys with confidence. We at National Bonds are committed to assisting our customers in achieving long-term financial security through innovative savings and investment solutions tailored to their needs while contributing to the evolving landscape of financial priorities within the UAE.”