UAE residents look to clear off debts with 2022 bonuses as rate hikes pinch

UAE residents look to clear off debts with 2022 bonuses as rate hikes pinch

Dubai: Got your bonus? A sizeable number of UAE employees who have got their bonus plan to use it to clear off their debts – if they haven’t already decided to set it aside for investments. A lesser number would rather use it for their next holiday spend – or buy a luxury item they had their eyes on. This is according to a new survey by YouGov and commissioned by Zurich Insurance. The findings – and the emphasis on clearing debts – echoes strongly with UAE consumer sentiments these days. Rising interest rates have made it a priority for them to lower their loan exposure or clear it off completely. This is where a bonus can come in handy. The top priorities, according to the Zurich survey, for UAE residents in utilizing their bonus include investing in property (24 per cent), retirement savings (17.6 per cent), debt pay offs (15 per cent), and saving for children’s education (14 per cent). Other choices such as funds investment (13 per cent) and life insurance (11 per cent) were also ‘seriously considered as viable options by residents’. The survey polled 1,200 residents during January, and nearly half of them had received a