Most Saudis can't save money: study

More than half the Saudis cannot save money because of soaring prices and social pressure in the world’s dominant oil exporter, according to a local study.

Nearly 15 per cent of the Saudis are also suffering from “unstable” financial conditions while 33 per cent can hardly meet their expenses, said they study by the Knowledge Centre, a private information institution based in the capital Riyadh.

“Nearly 52 per cent of the Saudis are unable to save any money and face extreme difficulties in meeting their daily needs,” said the study, published in ‘Al Riyadh’ daily.

It showed 33 per cent of those surveyed could hardly face inflation and growing needs while 15 per cent are suffering from unstable financial conditions.

The study cited such reasons as inflation, social pressure and failure by most Saudis to manage their money. It said many of them spend more than earn, leading to accumulating debt on them.

The study found that only around a quarter of the surveyed Saudis are satisfied with their financial conditions.

Saudi Arabia, the largest Arab economy, has a population of about 30 million, including nearly 20 million Saudis and 10 million expatriates, mostly other Arabs and Asians.