UAE residents rely more on Net than family, friends for investment decisions: Survey

The UAE residents prefer Internet over family, friends and colleagues when it comes to help for investment decisions, shows a newly-released survey.

More than half – 52 per cent – of UAE residents make their own investment decisions, with the vast majority using Internet and newspapers for investment information.

According to a new survey by online trading company IG, nearly 67 per cent of the UAE residents use Internet and 37 per cent newspapers as the top sources for receiving investment information.

A further 32 per cent make investment decisions based on collaborative approach with family, friends and colleagues, and only 16 per cent seek advice from professional financial advisors.

The new research, which comprises of feedback from over 1,000 UAE residents, was aimed at assessing the financial literacy and understanding of investments of residents across the region.

According to the study, Arab expats, in particular, feel more confident about making investment decisions themselves (67 per cent), followed by Asian expats (48 per cent), Western expats (45 per cent) and Emiratis (44 per cent).

The study also revealed that nearly two-thirds – 64 per cent – said they would be interested in learning more on how they could potentially boost their investment portfolio by trading the financial markets. 

Kypros Zoumidou, Senior Executive Officer, IG UAE, and Head of the Dubai Office, said: “This research is a clear indication that residents in the UAE are keen to learn more about investing in the financial markets.”

The research follows the official opening of IG’s UAE office in Dubai International Finance Centre.