A survey by the insurance company Friends Provident International (FPI) in the UAE has said that retiring early remains out of reach for many in the UAE as 45 percent of residents have not made the saving for that.
The survey stressed the need for financial preparation for early retirement as it noted that 44 percent of respondents expect to retire by 55 years of age, 63 percent before reaching 60. The FPI survey polled 1,000 people.
David Kneeshaw, group chief executive at FPI, said that there was a disconnect between early retirement and the requirement of having savings.
Nearly 40 percent of UAE residents start saving for their retirement only 10 years or less before reaching the age with respondents in the 18 to 24-year-old age group saying they will start saving between 15 and 20 years before retirement, or between 20 and 25 years.
Nearly 27 percent feel they can retire on less than $2,500 (AED 9,181) a month while a similar percentage of people believed $5,000 was enough while 15 per cent were unsure.
As many as 53 percent respondents saved in general bank deposits.
