Retirement Planning Continues To Be The Leading Financial Goal Among UAE Savers In 2024

National Bonds, a prominent Sharia-compliant savings and investment firm in the UAE, has unveiled its annual survey results. The findings indicate that retirement planning remains the foremost financial goal for many, marking its importance for the second year running. Additionally, increasing savings and setting aside funds for significant purchases like homes or cars are also top priorities, underscoring the value of early financial planning.

The survey revealed that 40% of participants are on track to meet their 2024 financial objectives, while 45% have partially achieved their targets. Confidence about reaching financial goals in 2025 varies; 36% feel fully confident in their plans. Younger generations show growing financial awareness, with 40% of Generation Z and 36% of Millennials confident about achieving their goals, compared to 32% of Generation X.

The survey highlighted gender differences in financial goal achievement. While 42% of males reported being on track, only 33% of females did so. However, women showed a stronger tendency to seek professional advice, with 78% open to guidance or using planning tools compared to 76% of men. Both genders prioritised increasing savings and retirement planning as key objectives.

Challenges and Solutions

Individuals face challenges like rising living costs and unexpected expenses when pursuing financial goals. Rehab Lootah, Group Deputy CEO of National Bonds, stated: "The results reflect a growing commitment among individuals to achieving financial stability, particularly in retirement planning." She emphasised National Bonds' mission to empower communities with innovative solutions like the 'Second Salary' plan for supplementary retirement income.

Emirati vs Expatriate Financial Planning

The survey also noted that Emiratis are more inclined to seek financial advice or use planning tools than expatriates—94% versus 77%. This highlights a proactive approach among Emiratis towards securing their financial futures. National Bonds aims to support this by launching a free advisory service soon, ensuring expert guidance is accessible for all seeking to strengthen their finances.

National Bonds continues rewarding savers through an exclusive rewards programme with an annual prize pool of AED36 million. This includes quarterly draws totalling AED8 million awarded to eight lucky UAE national and resident savers, along with luxury cars and other incentives designed to encourage consistent saving habits.

With inputs from WAM