UAE retirement: 45% of residents have not started saving – The National

UAE retirement: 45% of residents have not started saving – The National

Retiring early remains out of reach for many in the UAE, with 45 per cent of residents saying they have not yet started saving for their golden years, a survey by insurance company Friends Provident International found.

About 44 per cent of people in the Emirates expect to retire by 55, while 63 per cent hope to do so before they turn 60, according to the FPI survey, which polled 1,000 people.

“There appears to be a strong disconnect between the aspirations of many individuals in this survey in the UAE to retire early and the reality of how much they will need to save for retirement,” David Kneeshaw, group chief executive at FPI, said.

The Covid-19 pandemic has put employee financial issues in the spotlight and many companies are now trying to formulate plans to help workers bridge their savings gap.

A 2020 survey by Mercer found that 45 per cent of foreign employees in the UAE either had no means of maintaining a decent standard of living in their retirement, or plan to work beyond retirement age to derive enough income for their later years.

In March, the Dubai government unveiled a new savings retirement scheme for foreign employees working in the