Pocketful of Dirhams

Will your salary increase this year?

The Covid-19 pandemic has weighed heavily on millions of workers around the world, with many either losing their jobs, being furloughed or having their salaries cut. While a number of UAE employers reduced their staffing budgets last year to remain operational, the latest salary report by global recruitment consultancy Hays paints a more positive picture for 2021. The report found that hiring activity started to pick up in the fourth quarter of last year and this trend has continued into 2021. Meanwhile, 55 per cent of employees are confident that their salaries will remain stable for the rest of the year.

In fact, Hays says in its report that it doesn’t expect the pandemic to negatively affect salaries further in 2021, which is great news for employees. But the big question is: will our salaries increase this year or do we need to remain patient and hope that 2022 brings us financial rewards?

Host Felicity Glover is joined by Chris Greaves, the managing director of Hays in the Middle East, who explains why salaries in the UAE will remain stable this year and gives his top tips on how to negotiate a pay rise.

Listen to more episodes:

The National News | Spotify | Apple Podcasts

The best way for parents to educate teenagers about money

Teaching your teenager how to manage their money may not be as straightforward as you think. Personal finance only forms a tiny part of the curriculum at school, with teenagers often relying on their parents to learn vital lessons about managing money. But with teens sometimes resistant to anything their parents have to say, they may choose to ask others for advice or do things their own way.

Parents may also not be the best source for financial literacy guidance, particularly if they have handled their own money matters badly. But is it really necessary to recruit the help of an expert to educate your children on how to manage their finances?

Host Alice Haine is joined by Marilyn Pinto, founder of the Kids Finance Initiative, who explains the key lessons children need to learn as they navigate their way through their teenage years and on to university.

How to get the best discount deals in the UAE

Vouchers, coupons and discount codes – there are many ways to cut the cost of dining out, spa treatments and entertainment in the UAE. While coupon websites such as Groupon or Cobone offer daily deals, apps such as The Entertainer present buy-one-get-one free offers as well as percentage discounts.

Other options include VoucherSkout, Repeat and Helwa, a free app that finds the best coupon codes and cash back offers for users.

But with so many different ways to cut costs, how do consumers work out which deal is offering them the best saving?

Host Alice Haine is joined by Ambareen Musa, the founder and chief executive of UAE price comparison site Souqalmal.com, who outlines which deals offer the best bang for your buck.

 

ea7e1479fde6571fc340f2d20fe966346057a236

What are NFTs and should you invest in them?

NFTs – or non-fungible assets – have been making waves in the investing world after digital artist Beeple sold his Everydays: The First 5,000 Days artwork for an eye watering $69.3 million at a recent Christie’s auction. There’s no arguing that alternative investments, such as collectables like cars, antiques, autographs and long-lost letters penned by the rich and famous, have been around for a long time.

But would you be willing to pay $2.5 million on Twitter founder Jack Dorsey’s first tweet, or what about $400,000 for a piece of video art that lasts less than a minute? And let’s not forget – we can already view these on the internet for free. But what exactly are NFTs? What makes them valuable and are they an asset class worthy of our attention?

Host Felicity Glover, the Personal Finance Editor at The National, is joined by NFT expert Devesh Mamtani, the chief market strategist at Century Financial in Dubai.

What’s the best way to invest in the UAE property market?

While last year’s coronavirus lockdown in the UAE led to drop in demand for real estate across the country, there are signs the market is recovering particularly in popular areas and for higher-end homes. Some residents are hunting for properties with gardens or more space as the work-from-home trend continues, while demand for short-term rentals is also on the up.

But the idea of investing in real estate might seem a little risky for some when you consider the world is only just emerging from the pandemic. So what alternatives are there for investors that want a slice of the real estate market without saving up a huge deposit? Are UAE property prices really on the rise? And what other global markets should you consider investing in now?

Host Alice Haine is joined by Siddiq Farid, the founder and chief executive of SmartCrowd, a digital real estate investment platform that allows investors to crowdfund their property purchase.

Financial feminism and why it matters

While great strides towards gender equality have been made over the years, crucial issues remain. In the world of personal finance, concerns include "the gender wage gap" and that many women looking to invest are underserved by the male-dominated financial services sector.

According to the World Economic Forum, it will take women 200 years to achieve pay equality, while a global study by BCG last year found that a third of the world’s wealth, or 32 per cent, is controlled by women – and every year, they add 5 trillion dollars to the global wealth pool. So why is there a disconnect between the financial services industry and women and their money?

Host Felicity Glover is joined by Jessica Robinson, a strategic adviser on green finance and sustainable investing, who founded Moxie Future – a platform that aims to empower women as sustainable investors and financial feminists.

Take the no-spend challenge to boost your savings

New research by YouGov has found that more than half of UAE residents have cut non-essential spending over the past six months, while 77 per cent will continue doing so in the future.

That’s no surprise considering the global economic impact of the Covid-19 pandemic, which caused widespread pay cuts and job losses as businesses closed and millions of people started working from home.

But, as economies begin to re-open, the temptation to return to our old spending habits will be difficult to resist for some. One way to stay on track with your spending is to take on a no-spend challenge, which could help you learn new ways to save money and instill discipline to fight off those spending temptations.

Host Felicity Glover is joined by Carol Glynn, founder of Conscious Finance Coaching, who offers her advice on the best way to plan for a no-spend challenge.

Steps on how to move back to the UK

Relocating to another country is always a challenge when you factor in finding a new place to live and work, securing school places and shifting your finances along with the contents of your home.

Some might think moving to their own country would be easier, but former Dubai resident Simon Cahill, a chartered financial planner and partner at London-based Octopus Wealth, says this can be just as challenging.

Mr Cahill relocated to his native UK last year, a move that encouraged him to write The Ultimate Guide to Leaving the UAE, a seven-part explainer on how to successfully repatriate from the Emirates and set up your life in Britain once again.

Host Alice Haine is joined by the guide’s author, Mr Cahill, who explains how to handle your assets abroad and sort out tax, bank accounts, pensions and more.

How to protect yourself from financial fraud

One of the biggest personal finance concerns many people have faced over the years is dishonest advisers selling complex, high-commission financial products to unsuspecting investors that can lock them in for years.

Amber Waheed is one of them. The Dubai-based business strategist and author of the recently released The Great Fraud Fightback lost $80,000 after being duped by her adviser into signing up for long-term investments she believed were low risk.

It’s a familiar, heart-breaking tale for many. But Ms Waheed decided to fight back and took her case to the UAE regulators – marking the first step in what turned out to be a landmark legal case in the UAE when her adviser was convicted of offering financial advice without a licence.

Host Felicity Glover, the Personal Finance Editor at The National, is joined by Ms Waheed who talks about her experience and offers her advice to victims of financial fraud.

How to save thousands on your home loan

One of our biggest financial milestones in life is buying a home. From saving up for a deposit to applying for a mortgage and having it approved is a dream come true for millions around the world. Buying property is also one of the best investments we can make – even if it doesn't appreciate in value, it still means that we are paying ourselves rather than a landlord.

But one of the biggest concerns for homeowners is the interest they pay on their mortgages, whether it is variable or fixed. While today's record low interest rate environment might be bad news for savers, it spells great news for homeowners looking to refinance their mortgages and reduce their monthly instalments. Unsurprisingly, there has been a jump in the number of people seeking to refinance their home loans, according to Mortgage Finder, the Dubai-based independent home loan specialist.

Host Felicity Glover, the Personal Finance Editor at The National, is joined by Brendan Kennelly, a senior consultant at Mortgage Finder, who offers his advice on how to refinance your home loan and get the best interest rate possible.