UAE citizens desire to use company bonus for debt repayment, education, and real estate

 

UAE

Around 82% of UAE citizens intend to use their annual bonus to invest in real estate, pay off debt, fund their children's education, and take luxurious vacations, according to recent research.

More than 50% of the residents questioned received a bonus, while more than 5% received payments of more than AED50,000. According to the YouGov survey commissioned by Zurich International Life, 31% of respondents earned bonuses of up to AED 20,000, and 13% received bonuses of up to AED 50,000.

The top priorities for UAE citizens when using their bonus were buying real estate (24 per cent), saving for retirement (17 per cent), and paying off debt (15 per cent), followed by investing in funds, buying life insurance, and saving for children's education.

“It is heartening to see that most UAE citizens now have a stronger sense of ownership over their financial security. According to our survey, the majority of people are thinking long-term when deciding how to use their annual bonuses. They will require professional financial advice to allocate their funds wisely, such as saving for retirement, future real estate investments, children's education, or life insurance, in order to secure their financial future,” according to Taru Singhal, Head of IFA Distribution, Zurich in the Middle East.

According to Cindy Simbulan, a resident of the UAE for the past 15 years, "I have benefited from professional financial advice and have enrolled in several investment plans, including an educational plan and a pension scheme. My advice to other residents is to start planning for their future by investing the right way and with the right partner.

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