What would UAE millennials do if given Dh5,000? Be frugal

What would UAE millennials do if given Dh5,000? Be frugal

What would millennials in the UAE do if they're are given £1,000 (nearly Dh5,000) by the government with no strings attached? Their answers have a lot of ‘interest'.

A new survey released by Standard Chartered bank has revealed that they will splurge less, thanks to Covid-19 making people more careful with their savings and spending.

Nearly half – 45 per cent – of those surveyed said they would use the money to pay off debt or cover day-to-day expenses while only 15 per cent would choose to spend it on a holiday, said the survey conducted among millennials, those aged 25 to 44.

Borrowings increased

Around one-third (34 per cent) of these millennials say that their borrowing has increased in the last month compared to 22 per cent of those aged over 45 to offset the impact of the pandemic, the survey said.

According to Standard Chartered's study, three-quarters of people in the UAE — 74 per cent compared to 64 per cent globally — have found managing their money more difficult since the start of the Covid-19 outbreak. Millennials have found it harder than older generations, with 78 per cent finding managing