People in the UAE are among the most willing globally to retrain or reskill, with 76 per cent of residents viewing the post-Covid-19 slowdown as an opportunity to increase their earnings compared with a global average of 64 per cent, according to a survey by Standard Chartered.
The study of 12,000 adults across 12 markets – Hong Kong, Taiwan, China, Singapore, Indonesia, Malaysia, India, the UAE, Kenya, Pakistan, the UK and the US – also found that UAE residents are more willing to start a new business than their global counterparts.
Some 55 per cent of the UAE's residents aged between 18 and 44 (Generation Z and millennials) said they would respond to the Covid-19-induced crisis by starting a new business in the next six months compared with 35 per cent of those aged 45 and above. These data are higher than in the rest of the world, where the figures are 52 per cent and 30 per cent, respectively.
In the UAE, 76 per cent of 25 to 34 year-olds said they would set up a second income stream in response to the pandemic.
“It is encouraging to see that young people in the UAE are the most confident in their skills and are prepared to work hardest and smarter to realise opportunities in a post-Covid world,” said Sonny Zulu, head of retail banking at Standard Chartered UAE.
“Many are considering starting a new business in the wake of the pandemic but want to learn how to manage their finances better.”
Another survey conducted by market research firm YouGov in July this year found that one-third of people in the UAE expect their finances to improve in the 12 months after the gradual reopening of the economy in response to the Covid-19 pandemic. However, 23 per cent of respondents expect their finances to remain unchanged, while a quarter think they will get worse.
People’s levels of confidence, adaptability and entrepreneurialism tend to decrease with age, perhaps because older generations are more established in their careers, the study found.
Some 77 per cent of 18 to 44 year-olds in the UAE said they would reskill themselves compared with 56 per cent of those aged 55 and over.
Young people in the UAE are also confident of their skills, with 87 per cent of those aged from 18 to 34 saying they have the digital skills needed to thrive in a post-Covid-19 world compared with 71 per cent of those over 65.
The divide is also evident when comparing developed and developing markets. Those in established global economies are not only less confident that they have the digital skills needed to thrive amidst the downturn but also less willing to adapt and take steps to increase their income.
More than 86 per cent of UAE residents said they would prefer to work more than reduce their hours for less pay. The UAE ranked behind Kenya, China, India and Pakistan (all over 88 per cent) in this category. The UK and the US had the highest proportion of people who valued free time over money (38 per cent and 33 per cent respectively).
Meanwhile, the study found that 80 per cent of UAE residents want to better manage their money to make it go further, ranking below Kenya (93 per cent), Indonesia (90 per cent), China (85 per cent), Malaysia (83 per cent) and India (82 per cent).
Survey respondents also expressed the need for more flexibility when it comes to working arrangements post-Covid-19. In the UAE, 67 per cent of people would prefer to continue working from home for at least two days a week once restrictions are lifted and 77 per cent want more flexible working arrangements. However, the UAE ranked second highest, just below India, for missing the atmosphere of working from the office.
