Dubai residents prefer to spend on holiday than save

Nearly half of the respondents in a survey spent more than Dh5,000 on seasonal festivities, with some (four per cent) splurging over Dh15,000.

In hindsight, Dubai residents would rather have spent their festive funds on a family holiday this year, according to a poll conducted by DIFC Wills & Probate Registry (WPR). The results suggested that long-term necessities come second to immediate gratification.

Nearly half of the respondents spent more than Dh5,000 on seasonal festivities, with some (four per cent) splurging over Dh15,000. Given the opportunity to re-think, most would still put the money towards a car or family holiday, rather than invest in longer-term security such as a will or life insurance.

As thousands are reviewing their credit statements after the festive period, WPR asked if they had a chance to get their money back, how they would spend it differently. The top expenses include food and drinks to relax at home, presents and wrapping and going for brunches with friends and family. When asked what they would rather have spent it on, a family holiday topped the charts at 58 per cent, far outweighing options such as household bills or protecting their assets for the future.

Wills & Probate Registry also asked which life admin tasks individuals were planning to tackle in the New Year. The results showed that most are looking for medium-term gain, with 56 per cent of people looking to set up a savings account and 25 per cent looking to buy a new car. Tasks with longer-term benefits such as setting up a will, a pension or insurance came last on the list.

Sean Hird, director, DIFC Wills & Probate Registry, said: "We know right now many people are putting their New Year resolutions into place and looking to the year ahead. It is interesting to see that most people are looking to spend their hard-earned cash on short to mid-term gains, while still overlooking more long-term priorities tasks such as setting up a will.

"The insights shed light on how many of us easily ignore future priorities. We encourage Dubai residents to think more long-term," he added.
DIFC Wills & Probate Registry is an initiative of the Dubai government.

- business@khaleejtimes.com