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Middle East professionals claim salary hikes do not match cost of living

Nearly 41% of professionals in Middle East revealed that they have nothing to save from their income with biggest non-housing expenditure being on food (40.8%), revealed the latest online survey report by Bayt.com.

The Bayt.com Consumer Confidence Index Survey showed that only 18.3% of professionals in the region manage to save between 1% and 10% of their income.

Majority of the regionís professionals claimed that their salary increase was not on par with cost of living.

The survey revealed that 32.3% of Middle East professionals spend 21 to 40 percent of their income on mortgages and rent, while 34.7 percent spend even more than this. Nearly 66.6 percent said that they do not own a home for either personal or investment purposes, while 10percent own more than two homes.

Apart from housing costs, the survey found that the biggest expenditure has been on food (40.8%), while 15.6% expenditure is for school fees. Apart from this, transport, travel and clothing constitute 23.6percent of costs.

Only 1.4% of professionals said they would use extra money to purchase more childrenís items. As for investments, 43.6% of respondents said that they were not investment-savvy, but shoed interest in acquiring the know-how. Nearly 22.4% had some clue about benefits of investing, while 19.4% understood investments to a small extent.

The poll also showed that 51.3% of professionals expect to retire after 60, with major source of financial support being career savings and investments, while 10.1% will rely on social security pay-outs.

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