Middle-east Arab News Opinion | Asharq Al-awsat

Economic Awareness on Rise in Saudi Arabia | ASHARQ AL-AWSAT English Archive 2005 -2017
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Jeddah – A recent study revealed that Saudis are tending to save more. The study suggested that the awareness to the importance of saving increased after series of campaigns endorsed by economic and social institutions in Saudi Arabia.

The study was made by Center of Research and Studies of Jeddah Chamber to measure the saving level of individuals.

The study surveyed over 500 persons and revealed that saving levels between the two genders are close with 63%-67% range. This shows that there is a constructive inclination among the citizens to prepare for a good investment.

The center wanted to study the relation between the marital status of the individual, gender and occupation. It showed that married men have the highest rate of saving with 74%.

About 80% of Saudi citizens save in comparison to 10% of residents. In addition, 80% of Saudi citizens believe that Saudi economy depends on expatriates.

Saudi banks issued several saving accounts that include education, future plans, and pension and had encouraged members to join those plans in accordance with their income.

Statistics reveal that saving deposits in all kinds of Saudi banks had reached SR443 billion by the end of June of this year, in comparison to SR305 billion in 2011.

Experts believe that economic awareness and the shift of Saudi society from consumer into investor or saver, had caused this increase. In addition, banks offer several solutions for saving that are in accordance with Islamic law.

Experts expect the saving to increase in the upcoming years especially with the long-term plans provided that helps saving according to the economic status of each person.

Sec Gen of Media and Banking Awareness Committee of Saudi Banks Talaat Hafez told Asharq al-Awsat newspaper that there is an improvement as the Saudi society heads towards saving. He added that banks now are tackling this matter differently with new plans and investment suggestions.