Many young people in the UAE feel stuck in a cycle of poor financial planning. Despite this, some remain hopeful about reaching their financial goals. A recent survey found that 40% of Gen Z are confident about their financial future. However, many still call for better financial education.
Retirement planning is a top priority for Gen Z. This has remained true for two years in a row. The survey also showed that 40% of respondents are on track to meet their 2024 financial targets. Meanwhile, 45% said they had only partially achieved their goals. Younger generations are becoming more aware of financial matters. About 40% of Gen Z and 36% of Millennials believe in their financial aspirations. In comparison, only 32% of Generation X feel the same way.
Rehab Lootah, Group Deputy CEO of National Bonds, stated that more people are focusing on financial stability. She stressed that retirement planning plays a major role in this effort. To help individuals, National Bonds introduced the ‘Second Salary’ savings plan. This plan allows UAE residents to build extra retirement income.
However, some young people feel unprepared for financial challenges. Ahmed M., a 26-year-old living in Dubai, expected financial stability after starting his career. “I thought I’d have it all figured out by now,” he admitted. But the rising cost of living made it hard to manage his budget. Despite his efforts, he often struggles to save. “With inflation going up, everything is more expensive. It’s hard to keep up.” He often lives pay cheque to pay cheque, which causes stress. “It’s exhausting knowing I am always just making ends meet.”
Fatima, 29, from Sharjah, shares similar struggles. She thought managing money would be easy when she started working. “After a year of living alone, I realized it was better to move back home,” she said. She believes open conversations about money struggles are necessary. “Many people hide their financial problems. We need a space to talk without fear of judgment.”
Fatima also highlighted the lack of financial education in schools. “If I had learned about saving and budgeting earlier, I wouldn’t feel so stuck.” She often feels anxious due to unexpected expenses. “Every month, I try to budget well, but something always comes up. It’s frustrating.”
Both Ahmed and Fatima urge for more financial literacy programs. “Workshops and resources would help young people manage money better,” Ahmed suggested. “This would let us make smart choices instead of just surviving.”
Experts warn that financial anxiety affects well-being and work performance. Dr. Sara Al-Mansoori, a psychologist, explained that financial stress can cause headaches and insomnia. “This worry also lowers concentration and blocks career growth. Without financial knowledge, people may stay stuck in the same place.”
Dr. Al-Mansoori emphasized the need for financial education. “To break the cycle, we must teach financial skills and provide support.”
