Citizens upbeat over economy, says survey

Manama 

Citizens and residents of Bahrain are optimistic about Bahrain's financial situation and progress, reveals a new survey.

A survey conducted by The Nielsen Company and published by Zurich International Life and Citi indicates that majority of Bahrain's population are optimistic about the Kingdom's economy. 

About 68 per cent of respondents opined that they were optimistic about the outlook for the Bahrain economy, Zurich International Life and Citi stated.  

As a result of the positive outlook on the economy, residents prioritise short-term financial goals over long-term planning, the survey report said. Only 47 pc has taken steps to secure their long-term future, with just 10 pc investing in a retirement fund.

"Respondents also feel secure about their individual circumstances, with 83 pc confident that the state of their personal finances will be good or excellent over the coming year. Rather than spending their hard earned money, 66 pc of respondents intend to save or invest any spare cash, with the education of their children and starting a business the top financial priorities for 34 pc of residents. The next highest financial priorities are investing in property (32 pc), a child's marriage (23 pc), and starting a family (14 pc)," Zurich International Life and Citi revealed.

Citi Consumer Banking Head Navneet Kampani said, "Bahrain has arguably the most mature financial services industry in the region and yet misconceptions and misinformation about life insurance and pension products persist. It is incumbent on Bahrain's financial services industry to do a better job of educating residents about planning for their retirement and raise awareness to the importance of life insurance."

Zurich International Life Bahrain General Manager Andrew Dawson said: "It is great to see such a strong savings culture embedded in Bahrain with residents prioritizing investment in the important things in life, such as their children's education and their homes.”

“Yet confidence in the strength of the economy could be leading some residents to focus on immediate priorities at the expense of their retirement planning. In fact, supported by the strong economy, now is the ideal time for residents in Bahrain to refocus on their long-term financial goals," he added.