Nearly 50% of UAE citizens delayed life events due to financial concerns
Smart Crowd, the first financially-regulated digital real estate investment platform in the Middle East and North Africa, has discovered people in the UAE are concerned about the economy, with nearly half delaying major life decisions due to financial reasons.
The first annual Smart Crowd Financial Freedom survey questioned more than 500 people across the UAE, to discover what their financial status and attitudes towards investment are.
And the survey uncovered negative sentiment towards the economy, with some 68.8% of respondents declaring they were either concerned or very concerned about the local economy and its effects on their personal finances.
However almost 60% (59.6%) of people are confident they will ride the wave of economic downturn – admitting that they have positive financial plans in place. While only 10.1% of respondents said they were quite worried for their finances over the last five years, some 30.3% declared they felt they won’t be able to maintain their current lifestyle in the prevailing economic climate.
Around a third of respondents claim they want to invest in property, but cannot afford it, while just over 16% say they’d like to invest, but don’t know how or where.
The survey also shows that many respondents had delayed major life events due to financial concerns – like marriage and having children. Nearly half (48.2%) revealed they have delayed house purchase or holiday plans due to financial constraints.
Some 47.7% of those questioned admit they would like to make an investment in property, but don’t know what the best investment opportunities are.