A majority of UAE residents- 70 per cent- claim that their salaries have not kept up with the cost of living in the country, according to a recent Consumer Confidence Index survey conducted by Bayt.com and research consultancy YouGov. The survey also found that 47 per cent of the respondents are dissatisfied with their current compensation, and 43 per cent say that there are very few jobs available.
Overall, most respondents to the survey, conducted across the MENA region, presented a similar gloomy outlook. Almost half of respondents-49 per cent-claim that there are ‘very few jobs’ available, and 66 per cent believe that their salaries have not kept pace with the cost of living.
Only 26 per cent believe that their personal financial situation is better now than it was this time last year, and just 25 per cent feel optimistic about the current economy of their country.
“The appraisal of the current situation is subdued across the board, in terms of economy, commerce and employment,” Suhail Masri, VP Sales at Bayt.com said in the report. “This sentiment is echoed in most countries, however there is a considerably more positive outlook for the near future,” he said.
While 52 per cent of MENA respondents believe that their personal finances will improve in a year’s time, all countries expect that business conditions will improve in the coming year.
In the UAE, 45 per cent expect that the country’s economy will have improved, while 46 per cent hope to be in a better financial situation in the coming year.
The survey also found that 31 per cent of the UAE respondents expect the employment conditions to become more favourable. However, only 23 per cent are optimistic about their companies hiring more staff, and just 15 per cent favour their prospects in the coming year.
“Given the current climate in the Middle East and, to an extent, globally, it is to be expected that sentiments for the present are low,” said Sundip Chahal, CEO at YouGov.