DIFC

From hindsight to foresight – WPR reveals latest insights on Dubai residents’ expenditure

January 12th, 2017

DIFC Wills & Probate Registry insights highlight that this January most people would rather invest in fun with the family than protecting them in the long-term.

Dubai, United Arab Emirates, 12 January 2017: In hindsight, Dubai residents would rather have spent their festive funds on a family holiday this year, according to a poll conducted by DIFC Wills & Probate Registry’s (WPR). Insights suggested that long-term necessities come second to immediate gratification.

Nearly half of the respondents spent more than AED 5,000 on the seasonal festivities, with some (4%) splashing out over AED 15,000. Given the opportunity to re-think, most would still put the money towards a car or family holiday, rather than invest in longer-term security such as a will or life insurance.

As thousands are reviewing their credit statements after the festive period, WPR asked if they had the chance to get the money back, how they would spend it differently. The top expenses include food and drinks to relax at home, presents and wrapping, and brunching out with friends and family. When asked what they would rather have spent it on, a family holiday topped the charts at 58%, far outweighing options such as household bills or protecting their assets for the future.

Wills & Probate Registry also asked which life admin tasks individual’s were planning to tackle in the New Year. The results showed that most are looking for medium-term gain with 56% of people looking to set up a savings account and 25% looking to buy a new car. Tasks with longer-term benefits such as setting up a will, a pension or insurance came last on the list.

Sean Hird, Director, DIFC Wills & Probate Registry said, “We know right now many people are putting their New Year resolutions into place and looking to the year ahead. It is interesting to see that most people are looking to spend their hard earned cash on short to mid-term gains, whilst still overlooking more long-term priorities tasks such as setting up a will.”

“The insights shed light on how many of us easily ignore future priorities, and we encourage Dubai residents to think more long-term,” he added.

DIFC Wills & Probate Registry is an initiative of the Dubai government. WPR gives effect to the freedom provided by UAE Personal Status Law which allows non-Muslims the chance to choose what happens to their assets in a simple, secure and confidential process – enabling them to take care of tomorrow.To register your will, visit: www.difcprobate.ae