In this series:
■ Survey finds many UAE residents failing to save for retirement
■ Survey finds 94 per cent of UAE residents have financial worries
■ Experts say people must resist urge to splurge
■ Rent is UAE residents' biggest expense, survey finds
■ Some UAE residents own eight credit cards, survey finds
■ UAE residents long for financial security
■ Start saving from early age
ABU DHABI // A quarter of residents save no money, more than two thirds have made no plans for retirement and some juggle up to eight credit cards.
But despite these statistics, half say their most important goal is to be financially secure between the ages of 40 and 60.
These bleak omens were revealed in a survey of 1,104 Emiratis and expatriates on their personal finances, conducted by YouGov for The National.
It found that apart from the 25 per cent who save nothing, another 50 per cent of residents save no more than a fifth of their salaries each month.
“This is extremely worrying,” said Jessica Cook, a financial adviser with AES International in Dubai.
“The earlier you start saving for retirement the easier it will be to afford, given the number of financial obligations that tend to be incurred later in your life.
“We are living longer and active retirement costs money.”
Tax-free salaries and better lifestyles are among the main reasons people come to the UAE to work, and yet too few put enough money aside for the future, the survey shows.
“Many people came to the UAE to make a difference to their financial future, but then forget that, as they get used to a standard of living that is far in excess of the one they would have at home,” said Tim Denton, another adviser.
“When I ask would you employ a maid, buy a brand-new luxury car and eat regularly at five-star hotels at home, the answer is no.
“Yet they do this in the UAE and fail to make savings for the future.”
That failure does not come without costs, including to health. Only 6 per cent say they have no financial worries. But of those who do, 31 per cent experience depression and 35 per cent feel anxiety.
Advisers say credit is no way out as the interest can easily amass and compound the problem.
A fifth of respondents say they have applied for credit cards to cover major expenses such as rent, home deposit or cars.
“Credit cards are good for spending or receiving air miles or other rewards, but should not be used for long-term cashflow management,” said adviser Chris Ferguson.
Professionals say the most crucial advice is to plan for retirement, put money aside for emergencies and save while you can.
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.
jbell@thenational.ae
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UAE WARRIORS RESULTS
Featherweight
Azouz Anwar (EGY) beat Marcelo Pontes (BRA)
TKO round 2
Catchweight 90kg
Moustafa Rashid Nada (KSA) beat Imad Al Howayeck (LEB)
Split points decision
Welterweight
Gimbat Ismailov (RUS) beat Mohammed Al Khatib (JOR)
TKO round 1
Flyweight (women)
Lucie Bertaud (FRA) beat Kelig Pinson (BEL)
Unanimous points decision
Lightweight
Alexandru Chitoran (ROU) beat Regelo Enumerables Jr (PHI)
TKO round 1
Catchweight 100kg
Marc Vleiger (NED) beat Mohamed Ali (EGY)
Rear neck choke round 1
Featherweight
James Bishop (NZ) beat Mark Valerio (PHI)
TKO round 2
Welterweight
Abdelghani Saber (EGY) beat Gerson Carvalho (BRA)
TKO round 1
Middleweight
Bakhtiyar Abbasov (AZE) beat Igor Litoshik (BLR)
Unanimous points decision
Bantamweight
Fabio Mello (BRA) beat Mark Alcoba (PHI)
Unanimous points decision
Welterweight
Ahmed Labban (LEB) v Magomedsultan Magomedsultanov (RUS)
TKO round 1
Bantamweight
Trent Girdham (AUS) beat Jayson Margallo (PHI)
TKO round 3
Lightweight
Usman Nurmagomedov (RUS) beat Roman Golovinov (UKR)
TKO round 1
Middleweight
Tarek Suleiman (SYR) beat Steve Kennedy (AUS)
Submission round 2
Lightweight
Dan Moret (USA) v Anton Kuivanen (FIN)
TKO round 2
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Conservative MPs who have publicly revealed sending letters of no confidence
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Dir: The Russo Brothers
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Four stars
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
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Killing of Qassem Suleimani
Sinopharm vaccine explained
The Sinopharm vaccine was created using techniques that have been around for decades.
“This is an inactivated vaccine. Simply what it means is that the virus is taken, cultured and inactivated," said Dr Nawal Al Kaabi, chair of the UAE's National Covid-19 Clinical Management Committee.
"What is left is a skeleton of the virus so it looks like a virus, but it is not live."
This is then injected into the body.
"The body will recognise it and form antibodies but because it is inactive, we will need more than one dose. The body will not develop immunity with one dose," she said.
"You have to be exposed more than one time to what we call the antigen."
The vaccine should offer protection for at least months, but no one knows how long beyond that.
Dr Al Kaabi said early vaccine volunteers in China were given shots last spring and still have antibodies today.
“Since it is inactivated, it will not last forever," she said.
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- 1st Test India won by 304 runs at Galle
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
The lowdown
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Rating: 2.5/5
Produced by: Red Chillies, Azure Entertainment
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Transmission: Single-speed automatic
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THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
Who are the Sacklers?
The Sackler family is a transatlantic dynasty that owns Purdue Pharma, which manufactures and markets OxyContin, one of the drugs at the centre of America's opioids crisis. The family is well known for their generous philanthropy towards the world's top cultural institutions, including Guggenheim Museum, the National Portrait Gallery, Tate in Britain, Yale University and the Serpentine Gallery, to name a few. Two branches of the family control Purdue Pharma.
Isaac Sackler and Sophie Greenberg were Jewish immigrants who arrived in New York before the First World War. They had three sons. The first, Arthur, died before OxyContin was invented. The second, Mortimer, who died aged 93 in 2010, was a former chief executive of Purdue Pharma. The third, Raymond, died aged 97 in 2017 and was also a former chief executive of Purdue Pharma.
It was Arthur, a psychiatrist and pharmaceutical marketeer, who started the family business dynasty. He and his brothers bought a small company called Purdue Frederick; among their first products were laxatives and prescription earwax remover.
Arthur's branch of the family has not been involved in Purdue for many years and his daughter, Elizabeth, has spoken out against it, saying the company's role in America's drugs crisis is "morally abhorrent".
The lawsuits that were brought by the attorneys general of New York and Massachussetts named eight Sacklers. This includes Kathe, Mortimer, Richard, Jonathan and Ilene Sackler Lefcourt, who are all the children of either Mortimer or Raymond. Then there's Theresa Sackler, who is Mortimer senior's widow; Beverly, Raymond's widow; and David Sackler, Raymond's grandson.
Members of the Sackler family are rarely seen in public.
Afghanistan fixtures
- v Australia, today
- v Sri Lanka, Tuesday
- v New Zealand, Saturday,
- v South Africa, June 15
- v England, June 18
- v India, June 22
- v Bangladesh, June 24
- v Pakistan, June 29
- v West Indies, July 4