CONSUMER TO PRODUCTION SOCIETY

Saudi families spend nearly twice what they earn, according to Kuwaiti economist Jassem Al-Mutwwa. He informed that education, amusement and eating out account for more than 181 per cent of a family income in Saudi Arabia. He disclosed this information while giving a lecture on personal finance in Jeddah. According to his research, Saudi families overspend on personal articles and services by an average of 8 per cent. He also noted that Saudi families spend ever more each month on hotels and cafes, beverages, personal articles and services. He also stressed the need for the Gulf society to change from a consumer society to a productive society in order to cope with the rapid developments in the world.