Survey re­veals food for thought

7 Days in Dubai - - BUSINESS -

Nearly half of read­ers who re­sponded to a survey said food was their biggest house­hold ex­pense, fol­lowed closely by utility bills. More than 1,100 peo­ple re­sponded to the 7DAYS poll, which asked what they spent most on out of food, utility bills, clothes, leisure and trans­port. More than 46 per cent said food was their biggest out­lay, while just un­der 40 per cent said utility bills. Trans­port was the next high­est, fol­lowed by leisure and clothes. Ac­cord­ing to Dubai Sta­tis­tics Cen­tre, the in­fla­tion rate in Dubai was 1.61 per cent in the first quar­ter of 2016. How­ever, hous­ing and utility costs rose 4.15 per cent com­pared with the same pe­riod in 2015 and food and bev­er­age went up by 2.96 per cent. And some read­ers who re­sponded to the poll said ris­ing costs is an is­sue for peo­ple of all in­come levels. Idebu Debbie Idebu wrote on Face­book: “Even those that earn more than me have is­sues. It’s not about salary, it’s about the cost of liv­ing be­ing high.” An­drew Bates, Head of Pri­vate Bank­ing – Mid­dle East at Ned­bank Pri­vate Wealth, said it was vi­tal that peo­ple watch what they spend each month. Bates added: “If you don’t keep a close eye on your monthly ex­pen­di­ture you could be left with in­suf­fi­cient funds when non-ne­go­tiable ex­penses, such as school fees and rents, are due. “This could lead to a num­ber of prob­lems, in­clud­ing em­bar­rass­ment for your fam­ily – no one would wish to see their child ex­cluded from class for non-pay­ment of fees. “In ad­di­tion, if man­ag­ing the reg­u­lar monthly ex­penses is an is­sue, it will be harder to take a long-term view and start plan­ning and sav­ing for the fu­ture.”

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