A recent Financial Health Report for 2024, conducted by Yabi, a leading financial technology platform, has shed light on alarming financial trends among residents in the UAE and Saudi Arabia. The survey highlights that over half of the respondents (50.46%) admitted to spending more than they earned over the past year, raising concerns about financial sustainability and literacy in the region.
One of the most striking findings of the report is the limited financial preparedness among residents. Around 50.2% of respondents revealed that they could only cover personal expenses for two weeks or less without a stable income. This lack of a financial safety net indicates a significant vulnerability to unforeseen economic challenges.
The survey also uncovered that nearly 41% of residents lack confidence in achieving their long-term financial goals. This sentiment is further exacerbated by inadequate retirement planning, with only 33.53% of participants expressing confidence that they would have enough savings to sustain themselves during retirement.
