Emirati society has traditionally been open to other cultures,65% o f the expats eye as permanent home Amongst all these UAE Emiratis still preserve their culture and tradition. To which pillar of the UAE National agenda will you connect this lesson?
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Answer:
Examining savings and investment habits of expatriates in the UAE, a recent study suggests that 65 per cent of expats living in the UAE would like to make it their permanent home.
The study conducted by Friends Provident International (FPI), a provider of savings, investment and protection solutions, carried out the survey in November 2017, which included 565 expatriate respondents who hailed from a range of countries, including India, the UK, South Africa, the Philippines, Australia, as well as other Western and Asian countries.
Philip Cernik, chief marketing officer, Middle East and Africa at FPI, talked to Gulf News about the report’s main highlights.
The report gives insight into the lifestyle, habits, and future goals of expatriates in the country, he said.
According to the survey’s findings, 44 per cent of respondents cited earnings potential as a key reason for coming to the UAE, while 34 per cent said they were motivated by work opportunities.
Meanwhile, 20 per cent of respondents want to buy property in the UAE, while 58 per cent of parents want their children to attend university in the UAE.
“Although it is unsurprising that expats enjoy their life here in the UAE, we were interested to discover that over half of respondents wish to remain in the country permanently.
"This is a testament to the lifestyle and hospitality of the UAE, and highlights the importance placed on the financial potential that comes with living here,” said Cernik.
Who is saving?
He pointed out that, while the findings showed that 34 per cent of expats said they are motivated by work opportunities in the UAE and almost half cited earnings potential as a key reason for wishing to reside in the UAE, 56 per cent claimed their biggest concern is ensuring they have enough to live on.
“This could be explained by supposing many expats are either having a great time in the world of opportunities and choosing to spend their money on lifestyle, or that the financial situation is getting a little tighter,” he said.
Comparing figures from the recent survey with that from research carried out in 2013, Cernik confirmed the findings that suggest people are “slightly worse off now” than they were five years ago.
He also pointed out the findings suggest a gap between the dreams and financial reality for most respondents, as figures show that 21 per cent of expats are concerned about debt, while only 15 per cent are saving for retirement.
“There is an interesting disparity here that suggests people are not saving as much as they would like, or indeed need to. There is a definite disconnect between goals and actions to meet their goals,” said Cernik.
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