This is the view of Dr. Saud Al-Kateb, a member of the Asbar Center for Studies, Research and Communications.

“Saudi families from all strata of society can save a part of their monthly salaries but they refuse to do so. The ‘showing off’ culture encourages Saudis to pursue a particular lifestyle that is beyond their financial means,” said Al-Kateb.

According to a recent Asbar study, 43 percent of Saudi families suffer financial problems due to poor budget planning. The study also revealed that working couples, including those who are employed in the private and government sectors, experience the same difficulties.

“Newly married couples are renting specially decorated homes, paying for lavish weddings and taking out loans to buy luxury cars. They begin their lives with massive loans and do not plan for the future,” said Al-Kateb.

“Saudi society is divided into two groups — the upper class which lives a life of luxury and the middle class which tries its best to imitate the upper class and ends up living beyond its means,” he added.

Al-Kateb said planning a budget is important. “Although the Kingdom’s budgets increase year by year, Saudi society is threatened by looming poverty,” he added.

“Those Saudi families which do not plan their budgets are more likely to face poverty in future years. There are many elements that lead Saudi families into financial crises such as taking out large loans without planning on how to pay them back,” he added.

Unlike people in developed countries where working couples share financial expenses, most Saudi men reject the idea of their womenfolk sharing expenses. This is mainly due to cultural reasons. On the other hand, expatriates in the Kingdom tend to plan their budgets.

“Most Saudi families do not manage their finances properly. Most of them spend what money they earn in the first half of the month and then borrow,” said Dr. Mansour bin Askar, a professor in Islamic sociology at Riyadh’s King Saud University.

“If wives were to share expenses with their husbands then they could save a part of their salaries. However, many Saudi men abhor the idea,” he said. “Financial planning is something that every Saudi family should adopt. If couples were to share expenses and plan their finances then it would be very rare for them to end up in a financial mess,” he added.

Drawing from his academic experience, Askar said a large number of divorces take place due to money problems and poor management of finances.

However, many Saudis find it difficult to plan their finances. They often say that “money comes and goes.”

“Before I got married I was planning to save a part of my salary every month,” said Ahmed Bukhari, a Saudi construction engineer. “After getting wed, I discovered that running a household is not easy. It then seemed impossible to save money each month.”

Manal Mohammad, a Saudi who is married to an engineer, said she is unable to plan her expenses. “My husband insisted on saving SR2,000 a month. My husband’s salary is SR8,000 a month. Since getting married, we’ve never saved anything from his salary. He claims I spend his money,” she said, adding that they always fight because of this.

Abu Sultan, a Saudi man who works in the private sector, said Saudi families should use computer programs that teach them how to save and manage their money. “During my stay in the US, I learned how to pay all my bills through computer programs, which are used by a large percentage of American families. I wish Saudis could also manage and plan their budgets in the same way,” he said.