Complex Made Simple

52 per cent of Saudis don’t save money: Study

15 per cent don’t have stable financial status and depend on credit cards and borrowing to finance expenditure

Close to 52 per cent of Saudis don’t save money at all and find it difficult to cover their running expenditures, according to a recent survey.

Roughly two-thirds of Saudis struggle to create some sort of balance between their expenditure and their income and also have a hard time saving money because of expensive living costs and weak personal money management.

The survey, conducted by the Knowledge Centre for Studies, Research and Cognitive Rehabilitation Programme, also reveals that 33 per cent of the survey sample said their financial income is enough to cover their running spending and they can save part of it in the form of cash or investment in real estate.

Close to 15 per cent said they do not have a stable financial status and heavily depend on credit cards and borrowing to finance their expenditure, the survey published by Al-Riyadh newspaper indicates.

Furthermore, almost 50 per cent of those surveyed said they have never thought about any investment option to increase their savings, while the other 50 per cent said investing in gold, long-term deposits, shares and bonds remain favourable options.

According to the poll, which targeted the kingdom’s three largest cities – Riyadh, Jeddah and Dammam – roughly 25 per cent of the poll sample said they are satisfied with their financial status.