70% of people in UAE have no savings

Some 55 per cent of residents of the UAE have credit card loans while 69 per cent of the population has no financial plans to support their retirement, a study by Emirates NBD has revealed.

Executive Vice President, Tariq Bin Hendi, said a recent study by the bank also revealed that 19 per cent of residents made late payments on their loans at least once, while six per cent were consistently behind.

According to the study, 94 per cent of the country’s population is under financial pressure.

A senior manager at the Emirates Foundation for Youth Development and the director of the programme ‘Osruf Sah’ Spend correctly, Hussein Balochi, said young people are falling in to the trap of rushing to get what they want and resorting to debt to achieve this.

Society has a problem with showing off, he explained, stressing that authorities have programmes to support those who have defaulted on their payments.

Read: Half of UAE’s residents in debt