A recent National Bonds poll found that 40% of Gen Z felt hopeful about meeting their financial objectives, but many still advocate for more open conversations about financial literacy. Generation Z ranks retirement preparation as one of their top financial priorities for the second year in a row.
According to the study, 40% of respondents said they were on track to accomplish their financial goals for 2024, while 45% said they had only partially met them. Younger generations are becoming more financially informed, with 40% of Gen Z and 36% of Millennials feeling confident in their financial goals, compared to 32% of Generation X.
Rehab Lootah, Group Deputy CEO of National Bonds, stated, “The results of this year’s poll demonstrate an increasing dedication among individuals to achieve financial security, particularly in retirement planning.
She emphasized that, to support this commitment, National Bonds provides unique financial solutions such as the ‘Second Salary’ savings plan, which is designed to help UAE nationals and expatriates create extra retirement income.
On the other hand, others in Generation Z believe that financial literacy is critical. Ahmed M., a 26-year-old Dubai resident, assumed that starting his profession would lead to financial stability. “I thought I’d have it all figured out by now,” he said. As he grew older, he realized that adulthood brought with it a number of new obligations. Budgeting became tough as the expense of living rose, and despite his best efforts, he was frequently overwhelmed.
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