Compared to 2019 and 2020, UAE residents are saving and investing more than ever before
A snapshot survey conducted by Policybazaar.ae, UAE’s fastest growing insurance and finance marketplace, surveyed approximately 3000 respondents to analyse how consumers are looking to course-correct their personal finances.
Survey findings reveal that spending and purchasing habits of residents have seen a marked change post-COVID.
Around 28 per cent of the respondents prioritised needs over wants, while, 31 per cent preferred to shop only when there were offers and discounts available in the market.
The survey also highlights how buyers post-COVID spent only on essential products like groceries, rent, utilities, transportation, healthcare, and wellness products as the pandemic was a wake-up call for them to save and invest money for contingencies.
To the question of preferred mode of payment the respondents said 67 per cent mainly opted for contactless payments (majorly, credit cards), while only 17per cent preferred cash payments.
The survey findings also show that compared to 2019 and 2020; people in the UAE have started saving and investing more than ever before. About 41 per cent of Policybazaar.ae respondents, strongly believe that accumulation of wealth would save their children/dependents from unprecedented disruption.
Another 29 percent respondents said fear of deteriorating health/existing medical conditions had made them more mindful of reducing discretionary spending and creating an emergency fund.
Consumers in the UAE are increasingly looking for ways to save money, and around 62 per cent say they are now buying individual health insurance with critical illness riders and 12 per cent are investing in stocks, fixed deposits and other saving schemes or crypto-currency.
While 16 per cent of respondents are still repaying debts, a majority of consumers in UAE are optimistic about a quick economic recovery in the country.
Commenting on the survey, Neeraj Gupta, CEO Policybazaar.ae, said, “Customers are becoming more mindful of how they should spend their money and adopt new ways to save/invest for the future. The result of this survey highlights UAE consumer sentiments, spending behaviour, and expectations, to be better prepared.”
About Policybazaar.ae:
Policybazaar.ae started in 2018 and is the Groups’ first overseas venture and is an online financial products marketplace aimed to educate people on the importance of insurance as a protection tool and becoming a platform for consumers’ personal financial needs in the UAE market.
Policybazaar.ae currently partners with more than 35+ insurance and banking partners with 400+ products on offer ranging from new-age life insurance, health insurance, motor insurance, credit cards, bank accounts, personal loans, car loans, home loans, and more.
************************************************************************
Readers