89% Emiratis Supporting Savings and 73% Are Committed to It
A Survey targeting a group of Emiratis and carried out by Dubai Statistics Center (DSC), in favor of Mohammed Bin Rashid Housing Establishment (MRHE), showed that 89% of the survey takers think it is important to save from their monthly income, 73% expressed their commitment to savings, while 27% said that they do not make any savings at all.
The survey also demonstrated that 32% of survey takers save about 6% to 10% of their monthly income while 30% save around 5% or less of their monthly income. The rest of the survey takers represented a higher percentage of their savings, as 12% expressed that they save more than 25% of their monthly income while the savings of the rest 11% vary between 11% and 25%.
Regarding MRHE “Mathkhor” initiative on housing savings, 62% of survey takers stated that they are aware of MRHE’s initiatives and services, while 55% indicated that they have sufficient knowledge about the initiative, whereas 61% said that Mathkhor initiative promotion campaign was good.
75% of survey takers considered that new beneficiaries participating in Mathkor will contribute to saving housing or building costs. Moreover, 76% supported the automatic registration of new beneficiaries in the initiative. Meanwhile, 81% of survey takers are willing to register their children, under 18, in the initiative if possible. 73% welcomed the partnership between MRHE and “National Bonds”. It’s worth mentioning that National Bonds enjoys a great experience in savings and investment field.
Concerning the appropriate value of new beneficiaries’ monthly automatic savings covered by “Mathkhor” initiative, 55% of survey takers supported an AED 2500 savings or less, 36% demanded savings vary between AED2500 and AED5000, while 8.6% preferred savings of more than AED5000.
The majority of survey takers see the necessity of obliging new beneficiaries to save for more than 5 years in case they reached 29%. Whereas 21% supported obliging new beneficiaries to save for 5 years, 7% said that 4 years would be enough, 14% were pro saving for 3 years, 17% preferred 2 years, while the rest 12.8% supported saving for only 1 year.
“Such survey, which was conducted in cooperation with our strategic partner DSC, is a part of the studies and feasibility assessment of Mathkor implementation with the aim to enhance the saving culture among MRHE’s beneficiaries, as it was important to assess the situation and economic trends, particularly the savings of families benefiting from the MRHE’s services before the launching the service. Fortunately, great results were achieved and saving awareness was promoted among our beneficiaries. In addition, a new concept of the relation between beneficiaries and MRHE’s housing services was developed” Stated Sami Gargash, CEO of MRHE, to Al-bayan.
Meanwhile, Arif Al Muhairy, CEO of DSC, affirmed MRHE’s keenness to carry out such survey before launching the service. In addition, he assured that making decisions based on accurate information is one of the core basics of decision making process in order to make a sound decision for various constructive plans. He also demonstrated that such survey is part of DSC’s Statistical support and the priority given to strategic initiatives for government departments and organizations among the implementation of Dubai 2021 strategic plan and DSC message and vision to become world most privileged statistics center supporting development of Dubai.
“Mathkhor Housing savings program allows a seamless mechanism of registration which start from the moment of applying and verifying the data entered, passing by assessment and approval of National Bonds, paying monthly fees through direct deduction from client’s salary or bank account, to client completing program and obtaining housing fund” Mohammed Humaid Al-Marri stated Assistant Executive Director of Housing in MRHE.
Mohammed Humaid Al-Marri also stated that participants may register in the program via MRHE, National Bonds or Mathkhor’s websites. They may also register through customer care departments of MRHE or company, assuring that at the same time, MRHE will reward the beneficiaries participating in the program by dealing with their profile in a preferable manner. This means that their applications will be clear starting from the registration date, service delivery date to the date of closing the profile. In addition, such beneficiaries may be granted facilities and other benefits represented in the extension of fund period, increase the loan to AED800,000 in case the period reaches its maximum of 25 years for some categories.
Mathkhor is one of MRHE initiatives which aim to enhancing the saving culture among the Establishment’s beneficiaries of Dubai in order to save a portion of their monthly income through direct deduction from their bank accounts balance. Such process will improve the beneficiaries’ financial position to obtain the fund without turning to banks for loans