Consumers in the UAE are aware of their finances and monitor their spending closely, with as many as 75% sharing that they have a good estimate of their credit score, according to the Visa 2024 Financial Literacy survey—UAE. The survey assessed people’s financial knowledge and choices in managing credit, savings, and spending. 

The survey revealed that 68% of respondents are financially conscious of their spending and that 67% have set long-term financial goals to achieve. And about 64% of UAE respondents feel their financial situation hinders their ability to accomplish significant goals. 

According to the survey, 48% of respondents are shown to be keen on saving, sharing that they were building up their bank account balance over the past 12 months. Similarly, investment is on their radars, with 20% bought financial investment products other than pension funds.

Affordability is also a top concern, with 67% stating that they carefully consider the prices before purchasing an item. Nearly 16% have opted for a buy-now-pay-later plan or have converted a purchase on their credit card to an installment (6%).

Many consumers feel that their financial situation limits their ability to achieve important goals and express interest in flexible credit solutions. A significant portion believes that installment plans could help them better manage their finances, particularly for high-value purchases and emergency expenses.

“So, while we’re bringing solutions like installments to the UAE, we are delighted to bring our research to the conversation around financial literacy and remain committed to supporting the UAE government’s financial education efforts,” said Dr. Saeeda Jaffar, Visa’s SVP and Group Country Manager for GCC.