Survey: Residents in UAE Increased their Savings More During Pandemic

As with everything in life, not all bad situations bring bad results. A recent study revealed that residents in the UAE increased their savings during the pandemic as compared to pre-pandemic days. 

ALSO READ: Applying for Work in the UAE? Here are 5 Useful Tips and Tricks

Hard to believe? this is what the survey commissioned by Kearney Middle East and conducted by YouGov among 1,000 residents revealed on Monday, August 17.

Survey: Residents in UAE Increased their Savings More During Pandemic

UAE Residents Saved More During Pandemic, Survey Reveals

The survey revealed that 40% of respondents acknowledged having saved more money during the pandemic days, the Khaleej Times reported.

The figures represented the number of respondents who saved more money during the past few months as compared to the pre-crisis period. In particular, those with income levels of over AED 40,000 reported to have increased savings during this period (47 percent) followed by those earning AED 20,000-40,000 (43 percent), AED 10,000-20,000 (41 percent), AED 5,000-10,000 (39 percent) and less than AED 5,000 (39 percent). 

Since the majority of the residents surveyed were working from home, they managed to cut on some of their expenses, particularly transportation. Additionally, the residents reported spending less and tightening their budgets due to the uncertainty surrounding their jobs.

Furthermore, the survey showed that there are more people aged between 35 to 45 searching for jobs in the UAE than the young people who are in the age between 18 to 24. 

Approximately 36% of the respondents have sought for other job opportunities with fewer young people (18-24) applying for new work opportunities (28 percent) compared to those between the ages of 35-45 (34 percent).

Meanwhile, 38% of the respondents between ages 25-34 said that they are actively looking for a job.

Andreea Zugravu, principal at Government and Economic Development at Kearney Middle East, commented: “The pandemic has not only encouraged personal change but also spurred changes in some longstanding social constructs. The survey results reveal that despite the challenging situation, people have been motivated to improve their habits and behaviors, which, if sustained, can have long-lasting positive implications for UAE society.”

Rudolph Lohmeyer, a partner at National Transformations Institute of Kearney Middle East, also noted that harnessing the positive behavioral impacts of Covid-19 will not happen by itself.  

Lohmeyer pointed out that building on these to accelerate progress in wellbeing and personal development, family and community cohesion, the inclusive growth of the digital economy, and the sustainability of the planet, will require intentional action. 

In line with this, Lohmeyer acknowledged the role behavioral science will provide in achieving precisely that.

ALSO READ: Working from home during these challenging times

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