40% of respondents are on track to achieve their financial goals by 2024, according to the results of a survey conducted by National Bonds, the leading Sharia-compliant savings and investment company in the UAE. The survey, aimed at highlighting savers' financial aspirations, shows a growing financial confidence across generations. The data reveals that 40% of Generation Z and 36% of Millennials are optimistic about reaching their financial targets, compared to 32% of Generation X.
Retirement planning takes the top spot as the financial priority for the second consecutive year. The survey also identifies the key challenges individuals face in attaining their financial goals, with the rising cost of living and unexpected expenses cited as the primary obstacles.
Rehab Lootah, Group Deputy CEO of National Bonds, emphasized the importance of financial stability, particularly in retirement planning, stating, "Increasing savings and setting aside funds for high-value purchases such as a home or a car also ranked high among respondents." This indicates a growing awareness of the significance of early financial planning and disciplined saving strategies among participants.
The survey indicates that while 40% of respondents are on track to meet their 2024 financial goals and 45% have partially achieved their targets, younger generations exhibit increasing financial awareness. 40% of Generation Z and 36% of Millennials express confidence in reaching their financial goals, compared to 32% of Generation X.
Additionally, findings show that 42% of males are on track to achieving their financial goals compared to 33% of females. Women, however, show a stronger inclination toward seeking professional financial advice, with 78% open to financial guidance or using financial planning tools compared to 76% of men. Despite gender differences, both groups prioritize increasing savings and planning for retirement as key financial goals.
Moreover, 94% of Emiratis are more inclined to consult financial advisors or use financial planning tools compared to 77% of expatriates. This aligns with National Bonds' mission to empower the community by offering innovative financial solutions. One of the initiatives mentioned is the 'Second Salary' savings plan designed to help UAE nationals and expatriates build a supplementary retirement income.
National Bonds also plans to launch a free financial advisory service soon to ensure expert guidance is accessible to those looking to strengthen their financial future. The company continues to reward savers through its exclusive rewards program with an annual prize pool of AED 36 million, aiming to incentivize consistent saving and financial discipline. Confidence levels regarding financial plans for 2025 varied, with 36% expressing complete confidence in reaching their financial aspirations.
