Kuwaitis are among those with the lowest savings in the GCC, reports Al-Qabas daily quoting the GCC Savings Index issued recently.
According to the survey, Kuwait is a society of consumers and most of its citizens are engulfed in debt due to their excessive expenditures, including the purchase of cars, watches, jewelry and furniture, as well as travel and tourism.  The household expenses eat up much of the family’s budget, so most citizens obtain loans rather than save.
The survey also revealed that the government and lawmakers encourage the people to spend, instead of saving, due to the approval of several draft bills on the salary increment for citizens, subsidized commodities, and increasing various allowances.