COVID-19 is turning many UAE expats with jobs into supersavers – ZAWYA

COVID-19 is turning many UAE expats with jobs into supersavers – ZAWYA

Where financial experts have failed to get people to save money and secure their future, a virus from Wuhan, China, has succeeded.. Given the current uncertainty, personal finance priorities have changed, and people now make a conscious effort to cut down on expenditures as much as possible. ". According to a National Bonds report in 2019, 68 percent of the residents polled in the country believed that it was difficult to save money.. While personal savings hardly grew, consumer expenditures expanded, from 550 billion UAE dirhams in 2018 to 552 billion dirhams in 2019.. Given the consumer expenditure is nearly 36 percent of the GDP, it is also expected to decline as consumers opt to save and invest rather than spend during the year," said Yasmeen.. We've spent less in these last two months than we would have otherwise," the expat said.. While saving money regularly is a good habit to have, Evans warned that hoarding too much cash is not a wise move..