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UAE parents anticipate as much as AED 600,000 for their children’s higher education, Zurich survey reveals

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A recent survey has unveiled that parents in the UAE anticipate between AED 250,000 and AED 600,000 in funding their children’s higher education. Despite these significant costs, many parents are unprepared financially as the survey revealed that 29% have yet to begin saving for their children’s university education.

The survey by market research company YouGov, commissioned by Zurich International Life (Zurich), part of Zurich Insurance Group, highlights a critical financial gap that could affect the educational opportunities available to many children. With 63% of respondents anticipating such high costs, the study calls attention to a significant financial responsibility that many families aim to fulfil.

Reliance on traditional saving methods

Traditional saving methods still dominate in the region, with 77% of the 1,000 residents surveyed opting for bank deposits, while 48% invest in shares. However, only a small fraction (14%) of respondents are utilising education-specific savings plans, which are designed to enhance growth and provide targeted benefits for educational expenses.

While conventional deposits offer safety, their typically lower returns may not be sufficient to keep pace with the increasing costs of higher education. Education-focused savings plans, which often include investments in growth-oriented funds, remain a more strategic approach. These plans are designed to accumulate savings while also outpacing inflation, ensuring that the value of savings does not diminish over time.

“While the substantial costs associated with higher education underscore the urgent need for effective savings strategies, starting early and choosing the right education savings plan can be a game-changer in helping parents save today for their children’s happily ever after,” said David Denton-Cardew, Head of Propositions, Zurich in the Middle East.

According to the survey, most parents believe allocating 6% to 20% of their monthly salary is sufficient for education savings. The survey however emphasises that more effective and affordable savings plans are needed. Empowering parents to give their children the best chance at their dreams with a tailored education savings plan remains a sustainable strategy.

Value adding strategy

An overwhelming 87% of respondents expressed strong interest in education savings plans that also offer life insurance cover. These dual-purpose plans help in accumulating funds for education and provide a safety net that ensures financial security for the family, should the worst happen.

As education costs soar, starting early, and exploring various savings options, including dual-purpose plans, can offer a balance of growth and security.

“Having a well-structured education savings plan does more than just save money; it helps grow your money through appropriate investment strategies and ensures the protection of that investment. This strategy has some notable benefits including flexible payment options and the ability to tailor the plan to meet individual financial goals. The substantial costs associated with higher education underline the urgent need for effective savings strategies,” noted David.

Parents could consider plans that offer tailored solutions, long-term growth and the added peace of mind of life insurance cover to satisfy this goal. By adopting a strategic approach to savings, parents can have better chances to achieve their children’s educational goals.

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Financial

CFI Celebrated Women’s Month with Exclusive Suhoor Event

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CFI Financial Group was honored to host last week a special Suhoor event in Dubai to celebrate Women’s Month and honor the incredible achievements of women in business and entrepreneurship. The exclusive event, which took place on March 13th, brought together a distinguished group of successful businesswomen, entrepreneurs, and media professionals for an inspiring evening designed to empower and connect women in the professional world.

The event featured a keynote by Carol Glynn, a renowned finance coach and chartered accountant, known for inspiring attendees to pursue sustainable careers and entrepreneurial efforts confidently. Glynn shared essential insights on empowering women to manage financial futures and advancing careers.

In addition to the keynote address, attendees were treated to a unique experience, as an illustrator designed personalized Ramadan keepsakes for each guest, adding a thoughtful and personal touch to the evening while celebrating the spirit of generosity during the holy month of Ramadan.

CFI remains committed to empowering women year-round by providing opportunities to grow, learn, and connect within their professional fields. This ongoing support helps women build sustainable careers and establish valuable networks, highlighting CFI’s dedication to fostering women’s advancement in business.

“We were thrilled to host this Suhoor event for Women’s Month and are proud to have fostered a space for learning and empowerment,” said Zarrin Baig, CFI’s Group Head of HR. “CFI is committed to financial literacy as a crucial tool for empowering women. We are grateful to our distinguished attendees for enriching our mission with their valuable insights, furthering our commitment to support women in their personal and professional growth, and building a more equitable future.”

The event was a resounding success, providing an evening of meaningful conversations, networking, and empowerment, reflecting CFI’s commitment to fostering an inclusive and supportive community for women.

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Financial

RemotePass and Wafeq Partner to Automate Payroll and Accounting for UAE & KSA Businesses

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RemotePass Wafeq

RemotePass and Wafeq have partnered to fully automate payroll accounting for businesses in the UAE and KSA. This integration seamlessly syncs payroll and financial data from RemotePass to Wafeq’s accounting system in real-time, eliminating manual entry, reducing errors, and ensuring compliance.

The two-way native integration eliminates manual entry ensuring accurate, efficient payroll reconciliation for businesses in the UAE and KSA on both platforms, resulting in an 80% reduction in payroll and expenses processing time.

 “We’re excited to partner with Wafeq; our integration enables businesses in the region to put payroll processing and financial data synchronization on autopilot, allowing them to focus on growing their business,” said Kamal Reggad, CEO of RemotePass.

A Shared Vision for Scaling Businesses

RemotePass and Wafeq provide localized platforms tailored for businesses in the Middle East, serving many shared clients and addressing the unique challenges faced by companies in the UAE and KSA.

Key Benefits of the Integration:

  • Seamless integration – Payroll data from RemotePass is automatically reflected and categorized in Wafeq’s accounting platform providing real-time financial visibility and improved accuracy
  • Error-Free Financial Records – Manual reconciliation and categorization errors are eliminated, ensuring payroll accuracy in financial reports.
  • Time-Saving Automation – Finance teams no longer need to manually input payroll data, reducing administrative work.

Empowering Businesses with Financial Automation

By integrating two leading regional SaaS solutions, companies in the UAE and KSA can now better manage payroll and financial records with greater efficiency. This collaboration is a significant step toward simplifying payroll accounting and helping businesses scale with confidence.

“At Wafeq, we are committed to empowering businesses with seamless financial automation. Our partnership with RemotePass allows companies in the UAE and KSA to streamline payroll accounting effortlessly, reducing errors and saving valuable time. This integration is a game-changer for finance teams looking to enhance efficiency while staying fully compliant with local regulations.” said Maher Aoun, VP of Sales and Business Development, Wafeq.

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Financial

Empowering Women in Finance: Charu Chanana’s Journey from Inspiration to Leadership at Saxo Bank

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Saxo Bank

From being inspired by her father’s financial acumen to becoming the Chief Investment Strategist at Saxo Bank, Charu Chanana shares her journey of expertise, and advocacy for finance, which has traditionally been a male-dominated industry.

Read the full interview in the upcoming edition of Financial Integrator, featuring insights from leading women shaping the future of finance.

Charu:

My interest in finance was sparked at a young age, thanks to my father, who had a strong background in accounting and finance. Growing up in a family that valued financial discipline and planning, I was always curious about how money worked – both in personal finance and also on a larger economic scale.

However, I also saw a contrast within my extended family, where many were not as financially savvy. This gave me an early glimpse into how a lack of financial literacy – especially among women – limited their ability to make the choices they want and still secure their future. Witnessing these challenges firsthand fueled my passion for making finance more accessible and empowering others to take control of their financial well-being.

One of the most rewarding experiences has been seeing the tangible impact of my work – whether it’s helping investors navigate uncertain markets, guiding women to start their investment journeys, or breaking down complex financial concepts into actionable insights. Every time someone tells me, “Because of your insights, I made my first investment” or “I feel more confident about my financial future,” it reinforces why I chose this path.

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