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JustHere | December 10, 2016

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47% of Qatar residents believe their savings are not enough for the future

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.

Here are the rules of investment for expatriates, as per a financial expert from Guardian Wealth Management.

Copyright © 2013 JustHere Qatar. Reproduction of material from any JustHere Qatar pages without written permission is strictly prohibited.

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