ABU DHABI // More than one in three workers have lost jobs during their careers, our survey has found.
Of those polled in The National’s survey, conducted by the pollsters YouGov, 36 per cent said they had lost a job in the past. Two in three of those polled said they knew a friend who had lost a job, while half said a family member had been affected by redundancy.
Of those who had lost a job, surprisingly it was not in the aftermath of the global financial crash, but in more recent times.
One in five (19 per cent) said they had lost a job in the past one to two years. Fifteen per cent said they had lost their job in the past three months, and a further 16 per cent said in the past six months.
Sixteen per cent said it was more than two years ago, while about a third (34 per cent) had never lost a job.
Job losses were felt by all nationalities and all ages.
When it came to their friends, survey respondents said two in three of their friends had been affected by job losses. When questioned further about whether the loss of a job had affected a family member half of those surveyed agreed.
For residents, their family members and friends, the sector hit hardest was banking and finance.
Tim Denton, a financial adviser, said the average person should aim to have between three and six months worth of living costs saved as an emergency reserve, which would cover them in the event of a job loss.
Mohammed Jawad, 33, worked for an oil company for six years before leaving to do a master’s degree in engineering.
While he was initially concerned about the money, the Abu Dhabi-based Emirati said he had sufficient savings to survive being unemployed.
“I was worried because after the scholarship I didn’t have a job, but thankfully I had savings, and my wife worked, and family helped me.”
M E, a 32-year-old Emirati, is out of work. She left her previous job in marketing in 2011 when her company began making people redundant.
“They were laying off people and eventually it was time to leave,” she said. “I left before they let me go. I was there too long and then I went to study abroad.”
M E said she had enough savings to tide her over while unemployed.
Almost half of respondents (48 per cent) were confident they could live comfortably without a job for up to three months. A further 10 per cent declared they could make it up to six months, while 11 per cent said they could live for a year or more without a job.
“With only a small proportion of residents who declare they don’t have financial worries, it is understandable that the majority cannot afford to live without a job for more than three months as salary represents their main source of income,” said Alaeddine Ghazouani, research manager of YouGov.
“This is even more relevant because, on one hand, residents are saving a limited share of their salary or not saving at all. On the other hand, accommodation-related costs – which are the main financial burden to residents – require frequent and significant financial contribution.”
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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.
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In this series:
■ Majority of expats in UAE sending money abroad, survey finds
■ High cost of lving forces half of expats to consider leaving UAE
Coverage from March 10th:
■ UAE workforce is largely satisfied in their jobs
■ Many UAE workers fearful over losing their jobs
■ Most UAE employees unhappy with frequency of pay rises, survey shows
Coverage from March 9th:
■ 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
*with additional reporting by Maryam Al Shamshi