UAE-based expats not saving enough money

A new survey reveals that three out of five expats living in the United Arab Emirates do not save enough funds to be able to maintain their lifestyle once they retire.

Research carried out by Guardian Wealth Management (GWM) found that people earning between Dh10,000 and Dh30,000 will be the worst hit as very few of them are able to set aside any money at the end of the month.

What’s more, the survey found those who made between Dh40,000 and Dh60,000 per month were not saving enough, with 75 per cent putting less than one-fifth of their monthly earnings towards retirement.

“Most expats think they can live a life of opulence,” explained Hamzah Shalchi, the regional head of GWM. “But they lose touch with the importance of planning their future so they can lead a similar life of comfort and luxury when they stop working. Unfortunately, they will have a rude awakening when they realise they have not saved enough for their retirement.”