Western expats in UAE spend most on luxurious lifestyle
In comparison to Singapore and Hong Kong, western expats in the UAE are ready to spend more on luxurious lifestyle choices, and only a few seek independent financial advice, a new survey has found.
About 97 percent of the UAE-based western expat spend majority of their disposable income on luxurious life style, in comparison to just 51 percent in Singapore and 47 percent in Hong Kong. However, 94 percent of them, did agree that they also keep away some of that income for investment and savings, revealed the latest survey conducted by Standard Life International, together with Insight Discovery.
But the numbers of expats seeking advice from independent financial advisers were just 31 percent in the UAE, in comparison to 49 percent in Singapore and 53 percent in Hong Kong.
In comparison to 71 percent of western expats in Hong Kong investing in equities, only 9 percent in UAE did the same. But, 70 percent of UAE group said they do invest in mutual funds and 46 percent said they invest their disposable income in long-term investment plans. About 47 percent said they put away part of their income towards retirement plans.
There is both good and bad news when it comes to UAE western expats. The good news is that a high percentage of population in the survey is saving money on regular basis, while a higher percentage is saving for their long-term future and particularly for their retirement. As for bad aspect, only a low percentage is consulting independent financial advice.
About 80 percent of the respondents to the survey in the UAE were aged below 45.
Posted on 26/9/2013
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