Most UAE residents prefer to save than clear debts: Survey

Most UAE residents prefer to save than clear debts: Survey

Saving appears to be a greater priority than paying off debts in the UAE, according to a survey report released on Tuesday.

Even though the debt ratio in the UAE is one of the highest across the 17 markets covered by the survey, paying off debts is at a lower priority among residents, perhaps because saving and securing their families is the main goal of 2021, said the report.

More than half of the UAE participants of a survey said they had to cut their non-essential spending in the past six months in order to cover expenses, and more than three-fourths (77 per cent) are likely to continue doing so in the future.

The survey by YouGov, which analyses consumers' attitudes to financial services across 17 global markets, said a third of the participants from the UAE (34 per cent) said they had dipped into their savings to cover expenses over the past six months while 28 per cent have been able to save more but a fourth (24 per cent) of respondents have borrowed more money or taken on debt to manage the situation.

When questioned about their financial priorities in