Helping your clients sleep better with RL360’s RSP
A survey carried out by RL360 owner International Financial Group Limited (IFGL) among UAE residents has identified ‘not saving enough’ as the biggest financial-related concern that keeps them awake at night.
Around half of the 1,000-plus respondents cited this as their biggest financial-related concern – more so than ‘paying rent’ (49%), the ‘cost of medical insurance’ (39%) and ‘retirement funding’ (32%).
By contrast, UAE residents are relatively unconcerned about financial obligations such as paying for events like their child’s wedding (9%), a summer holiday (16%) and the mortgage (19%).
The survey, conducted between October and December 2024, asked the same question to residents across various demographics – by gender, age, location, ethnicity, marital status and salary range. In general, the factors that keep respondents awake at night are the same for everyone.
“We can see some consistent themes in the UAE about how residents think about their financial situation, and what’s important or concerning for them," said Stuart Shilcock, Senior Executive Officer Middle East.
Five other notable findings from the survey include:
- Women are generally more concerned than men when it comes to saving enough and funding retirement.
- Retirement funding is more of a worry for individuals in the highest income group (over AED 25,000) compared with respondents in the lowest group (under AED 10,000).
- Western and Arab expats consider savings levels and funding retirement as much bigger factors keeping them awake at night than Emirati or Asian respondents – while Emiratis are much more concerned than other ethnic groups about paying for the future education of their children.
- Not saving enough and funding retirement are significantly more worrying for single people than those who are married, especially if the latter already have children.
- Younger respondents (18-24 years old) worry much more about their levels of savings than any other age group, although this means they have more time to start planning to make a difference.
Help your clients sleep better at night with an RL360 Regular Savings Plan.