Dubai, UAE, 20 November 2022: A whopping 51 per cent of parents in the UAE are saving for their children’s future education, with the majority of savers being expatriates from the South Asian subcontinent, aside from UAE Nationals. This is according to a survey conducted by National Bonds, the UAE’s leading Shari’a-compliant savings and investment company owned by the Investment Corporation of Dubai.

The survey, which recorded the responses of approximately 1,700 residents in the UAE, shows that parents who save, hold a bachelor’s degree or above and earn a monthly income of AED 10,000 or more. Moreover, the survey points out that parents who don’t start saving early for their kids’ education are put under financial duress as the years go on or as the family grows.

The survey was conducted ahead of World Children’s Day, marked globally on 20th November 2022, with the aim to delve deeper into the saving habits among parents in the UAE.

National Bonds has always worked towards understanding customer needs, which is the primary reason behind their minor savings account that was created to give parents financial reprieve in the long run. And hence in celebration of World Children’s Day, National Bonds is offering the first 100 parents who open minor accounts, AED 100 so they can start off their children’s savings journey strong, in addition to the attractive returns and rewards that they can expect.

The National Bonds annual Rewards Program has transformed many young lives, with prizes worth AED 76.1 million given away to minors over the last 16 years. As part of this program, 7 minors have won luxury cars in two years and 15 minors have become millionaires.

Speaking about the survey, National Bonds Deputy Group CEO, Rehab Lootah, said: “It is incumbent on us to ensure that all segments of our society can save and grow their wealth. The survey we conducted recently shows us that many parents are committed to saving, but don’t have a dedicated fund that is designed to protect their children’s future.”

“Our aim is to support all parents to save as early as possible for their children’s education and have an emergency fund set aside for their young ones; especially those parents who are in the lower income groups. To support parents in the UAE in this endeavor, we’re running a special initiative that can help them cultivate prudent savings and spending habits. We urge all parents to make use of this timely offer to begin a regular saving plan for their children,” she added. “The company also continues to encourage UAE Nationals to double on their commitment to saving towards their children’s future. This is in tandem with other offered programs that are working tirelessly towards their financial wellbeing”.

This initiative is just another way that National Bonds is continuing to encourage and urge the Nation to profoundly think about their financial health as well as inculcate financial literacy within their own families and communities.

 

For more information on the National Bonds products and services, visit https://www.nationalbonds.ae/