Let’s see what you’re doing with that tax-free income…
If you live and work here in Dubai, good on you. You’re officially in the top 10 cities with the world’s highest average monthly salary. But with shopping malls being on what appears to us as a year-round sale, the temptation to dock our credit cards is far too great.
In fact, according to a research study carried out by the National Bonds Corporation and published by the Khaleej Times, a staggering 85 per cent of the respondents felt they weren’t saving enough (you’re not alone!).
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The report cites that the VAT introduced this year has resulted in a five per cent increase in overall living costs, which have resulted in individuals being able to save less than they were previously.
But if you’re already one of those enviable penny wise women, then you fall into the savers bracket. Among those polled, 57 per cent savers in the UAE plan to increase their savings even more this year.
The UAE already has the largest portion of regular savers as compared to the other GCC countries.
As we already suspected, the survey showed a direct correlation between savings and levels of happiness with 68 per cent of those polled saying the more that they saved the happier they felt. The criteria they used to benchmark whether they were saving enough was if they could afford a good health and life insurance and were confident of affording the university fees of their children.
The report concludes that the IMF has predicted a growth in the GCC region in 2018. Growth equals more money (provided you know the tricks to bag a pay rise), which should, on paper at least, equal to more savings as well.
Now, if only you can pry that credit card from our hands and duly destroy it.
Images: Getty
