Poll reveals worrying figures about lack of retirement planning in UAE
Nearly two-thirds of readers who responded to a 7DAYS poll said they are not putting money aside for retirement.
Last week, we asked the question: “Are you saving for your retirement?”
More than 700 people responded, with 61 per cent answering no.
Among the reasons given was that people felt salaries were not keeping up with the cost of living in the UAE.
One reader said: “Between school fees, rent and food, there just isn’t enough left at the end of the month to even think about saving for the future.”
Another wrote on Facebook: “Salaries now aren’t as good as they used to be.”
However, Andrew Bates, Head of Private Banking – Middle East at Nedbank Private Wealth, warned that securing your By Simon Pluckrose future is not something to be put off for another day. He said: “If you don’t save for your retirement then it is very rare that someone else will be doing this for you, company pensions and state provisions aren’t generally likely to meet expenditure needs in retirement. “And due to medical science, people are now living much longer than they used too, it would seem a real shame to work hard all of your working life and then be unable to enjoy your retirement.” And Bates said the issue is even more pressing for expats.
He said: “Often company pensions as we know them will not be available to internationally mobile expatriates, these are either replaced with things such as end of service gratuity in the GCC and the UAE or removed altogether for people in certain geographies.”
And, Bates added, it is never too late to start saving.
However, he added: “It’s always better to start sooner rather than later, the later you leave it, the more you will need to commit in the later years to make a meaningful difference.
“And always keep an eye on the charges as this will impact the overall outcome.”