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When it comes to our finances, many of us have changed how we view our money matters. In these last couple of years, many of us have seen grave emergencies – job loss, pay cuts, and the Covid-19 pandemic, which has given many valuable lessons in saving, and having a backup is always a good idea.
A new study by National Bonds found that creating an emergency fund has emerged as the top financial goal in the current environment – eight in ten savers in the UAE believe keeping an emergency fund is important.
The survey also found that 64% of the respondents are actively working to establish an emergency fund, while 68% of those who have yet to save plan to do so soon, particularly within the next six months to a year. More than half said they intend to increase investments in financial products in the coming two years.
However, even with the savings mentality being a top priority, 18% said they are not certain about suitable saving avenues, emphasizing the need for more financial awareness campaigns to get people up to speed. Another one of the major concerns for 33% of respondents is depending on a single source of income, specifically affecting women in their 40s.
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