Young Omanis lead nation in savings, reveals survey

Times of Oman

3 days ago

MUSCAT: Young Omanis are leading the country in personal financial discipline, with 75 percent of individuals aged between 18 and 29 saying they save part of their income regularly, according to a survey by the National Centre for Statistics and Information (NCSI) in collaboration with the Financial Services Authority.
The 2024 survey explored attitudes toward saving and investment among citizens and found that young adults were significantly more likely to save than older age groups. The savings rate drops to 58 percent among those aged between 30 and 40, and falls further to 42 percent for individuals aged over 50. Overall, the survey found that 59 percent of Omanis save some portion of their monthly income. Of these savers, 81 percent keep their money in bank accounts — both Islamic and conventional — making it the most preferred method of saving.
While the youth demographic showed the strongest saving behaviour, women outperformed men, with 74 percent of Omani women saving regularly compared to 56 percent of men.
Higher education levels were associated with stronger saving habits, with 73 percent of those holding qualifications above the general diploma level saving, versus 49 percent among diploma holders and just 33 percent among those with less than a diploma.
Income and employment also play a clear role. Among employed Omanis, 64 percent save, while only 49 percent of job seekers and 39 percent of those outside the labour force do the same. Those earning above OMR600 per month recorded a 69 percent savings rate, compared to just 33 percent for those earning below OMR300.
The top reason cited for saving was to prepare for emergencies and future needs, followed by housing and investment goals. The findings reflect a growing culture of financial awareness among young Omanis and are expected to guide national policies focused on improving saving behaviour across the Sultanate.