More than a third (35 per cent) of the 'goal accounts' created by millennials in the UAE was created to save for a rainy day, suggesting that positive saving habits, said Emirates NBD, a leading bank in the region.

Liv., the lifestyle digital bank by Emirates NBD has released information about the saving habits of the UAE’s millennial population –revealing that the country’s 20-30 somethings have ambitious goals to set money aside for the things they value most.

Born between 1981 and 1996, millennials comprise one of the largest demographics in the UAE. Emirates NBD launched Liv. as a digital-only bank with a unique lifestyle-led proposition, aligned with the connected generation’s preference for convenience and access to services anytime, anywhere.

In its role as a financial ‘buddy’ that helps customers better manage their finances, Liv.’s Goal Account enables users to set and save towards financial goals, helping them to achieve more of what they want – whether that is travel, buying a new gadget or a gift for a loved one, or simply saving for a rainy day, while earning an attractive 2 per cent return on their balances.

So far, goals have been created by several thousand Liv. customers, more than half of whom were aged below 25 years-demonstrating that young millennials are just as likely to save as their older counterparts-with women being 70 per cent more likely to save for a goal than men.

Jayash Patel, head of Liv., said, “By examining customers’ Goal Accounts, we can infer the priorities and responsibilities of the UAE’s millennial generation, who are proving to be capable of recognising the importance of saving to meet both their long and short-term goals. Liv. provides customers with an exciting new way to manage their money, tapping into the need for always-on banking in line with their digital mindsets.”

Positive saving habits are being formed amongst the millennial generation who understand the importance of creating a nest egg for the future, rather than simply saving to reach a short-term goal, such as buying a car, a mobile phone or gadgets such as laptops and cameras.

But experiences are still important for Liv.’s young customers: 40 per cent of them created goals to save for ‘what they love’, or to go see new places, with the top travel destinations being Europe, as well as Japan and Bali. Women appear keener to save for travel, whereas gadgets and cars top the list for men – who interestingly are also more likely to save for marriages than ladies!

Six in ten Liv. customers prefer to save money with the ‘one-shot saving’ option or through the ‘set and forget’ route, which automatically moves money into their Goal Accounts at specified intervals.

Liv. is today the fastest growing bank in the UAE and was adjudged the Most Innovative Digital Bank in the UAE by Global Finance World’s Best Consumer Digital Banks in the ME Awards 2018held in Dubai last month. – TradeArabia News Service