ABU DHABI // Better wages and the chance to save some cash were the biggest incentives for expatriates coming to the UAE.
More than half (53 per cent) of the employed expatriates claim that money and savings are strongly important factors for moving.
Despite that, not every expatriate’s financial situation has changed for the better since they moved.
Of those asked, four in 10 (42 per cent) of the employed expatriates say their financial situation improved whereas three out of 10 (31 per cent) claim that their situation was better in their home country.
Others said it had stayed the same, or were not sure.
Jessica Cook, private client adviser at AES International, Global Wealth Management, based in Dubai, said when it came to saving money, it is better late than never.
“Offshore banking this is a great way to start,” she said. “By opening an offshore bank account in a jurisdiction such as the Isle of Man you can be confident of safety. Furthermore, you are making it easy for yourself to keep your savings separate from your daily outgoings.
“Some offshore banks will offer additional investment offerings to place your capital into to help your money grow.
“If you haven’t done anything towards saving yet this is a simple yet great way to start saving.”
____________________________________________________________
About this series:
A study into the saving habits of Emiratis and expatriates found a quarter of all employed residents do not save any of their monthly wage. And 69 per cent have not started planning for retirement. The survey found that only 6 per cent of respondents do not have any financial worries. The majority of people’s wages are spent on rent, followed by groceries and household items leaving some residents dependent on multiple credit cards and longing for financial security. Financial experts advise residents to resist overspending to avoid a struggle when faced with unexpected expenses.
____________________________________________________________
In this series:
■ Majority of expats in UAE sending money abroad, survey finds
■ High cost of living forces half of expats to consider leaving UAE
Coverage from March 8th:
■ Survey finds 94% of UAE residents have financial worries
■ Rent is UAE residents' biggest expense, survey finds
■ Survey finds many UAE residents failing to save for retirement
jbell@thenational.ae
