UAE residents are more likely to use their income to pay off debts on items such as credit cards, personal and home loans as opposed to putting funds into savings accounts for the future, according to an Emirates 24|7 poll.
A majority (68 per cent) stated that they want to pay-off their debts, especially after the recession, underlining that an air of uncertainty and caution remains around the attitudes of consumers following the turbulent past few years. Since the global economic downturn, consumers have been far more cautious of their spending habits and prefer not to accumulate debt that may put them under pressure. To avoid mistakes of the past, many people are prioritising their debts over storing cash.
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