This week in money
Middle East salaries to be 2 per cent higher this year
The recruitment company Robert Walters says salaries in the Middle East will increase by 2 per cent on average in 2017, with a flat start to the year and modest gains across the board in the second half. Economic growth in the run-up to Expo 2020 will increase demand for talent across the legal, finance, sales and marketing, procurement and IT sectors, the company said.
Dubai healthcare plan now available online
Oman Insurance Company has launched a portal on its website www.tameen.ae, allowing customers to buy their Dubai Health Authority-approved medical plan online. The company is one of nine insurers offering the low-cost Essential Benefits Plan, which caters for those earning Dh4,000 or less.
American consumer credit climbed less than forecast in December in the smallest annual increase in household borrowing since 2013. The US$14.2 billion advance last month followed a revised $25.2bn jump the previous month, Federal Reserve figures revealed last week. For all of 2016, borrowing rose by 6.4 per cent. Consumer debt was restrained in December by a smaller advance in credit card balances.
Bank of mum and dad busy with support
Millennials with children say they received $11,011 in financial support or unpaid labour, on average, from their parents in 2016, according to a US study by TD Ameritrade. That adds up to $253bn. David Lynch, managing director and head of branches for TD Ameritrade, says young adults face a different set of challenges – sizeable student loans and stagnant wages.
It’s steadily out of control. I don’t know of too many financial counselling services where demand doesn’t exceed supply
Fiona Guthrie, chief executive of Financial Counselling Australia, on an increase in calls to helplines by consumers and investors
Updated: February 10, 2017 04:00 AM