A new study by HSBC has shown that long-term financial planning among UAE residents is relatively weak, with more than one third of respondents (37 percent) saying they never had a conversation with anyone about long-term financial security.
- 9 In 10 People In UAE Support A Parent Or Child Financially: Study
- 5 Steps To Save Money And Avoid Financial Traps In the Middle East
Based on the research findings, HSBC has identified four actions that can help UAE residents better prepare for the future:
1. Identify priorities
Think about your priorities in life. Make sure you have a financial plan in place that addresses your needs as well as those of your family. Don’t neglect your own aspirations when planning for the future.
2. Assess finances
Consider how financially secure you feel. Think about whether any financial support you are giving to others is likely to increase or decrease in the future and if you need to update your financial plan.
3. Plan for the whole family
Unexpected life events can have knock-on effects for the whole family. Bear this in mind when reviewing if you have enough financial protection in place.
4. Talk about the future
Make time to talk to your family about the future. Discuss what could happen to them if you were to experience a life-changing circumstance and what financial safeguards you have in place. If you need help, seek professional advice.
