47% of Qatar residents believe their savings are not enough for the future
About 47% of people in Qatar feel their savings were not sufficient for the future, and 25% said they saved significantly less as compared to last year’s saving. According to latest figures from the National Bonds Saving Index for the GCC, only 4% of savers in Qatar said they saved significantly more.
The study was based on three main factors for saving in the GCC – financial stability, potential for saving, and the savings environment.
Of the GCC respondents, 20% saved 11-20% of their overall income, while 4% saved 51-60% of their overall income. The three key reasons for saving were: children’s education, retirement and purchasing real estate. And the most preferred saving options in the GCC were through current bank accounts or saving accounts.
In Qatar, the top three factors determining a saver’s choice of saving package include:
- attractive returns
- shariah compliance
- a good reputation of the provider
Other Qatar-specific statistics include:
- 12% believed their savings were just enough to support them in the future, while only 1% thought their savings were more than adequate for the future.
- 10% of the respondents said they were saving more than they had planned for.
The Saving Index Summary 2013 can be viewed here.
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