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Dubai: 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% 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% 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.”
Of the goals set to date, more than a third (35%) were created to save for a rainy day, suggesting that 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% 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 2018 held in Dubai last month.
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About Liv.:
Liv. is the UAE’s first digital-only bank with a special focus on millennial customers, operated and managed by Emirates NBD Group. Established in line with UAE Vision 2021’s strategic objectives of creating a smart innovation-driven economy, Liv. offers a first-of-its-kind banking-meets-lifestyle experience, on a smartphone. Its unique features include instant account opening with #nopaperwork and real time access to insightful financial data and transaction history to empower customers to better manage their finances. Liv.’s proposition is supported by a group of partner brands, enabling it to offer customers a range of personalized lifestyle promotions and offers.
About Emirates NBD:
Emirates NBD is a leading banking Group in the region. As at 30th June 2018, total assets were AED 477.5 Billion, (equivalent to approx. USD 130 Billion). The Group has a significant retail banking franchise in the UAE and is a key participant in the global digital banking industry, with over 90 per cent of all financial transactions and requests conducted outside of its branches. The bank was declared the Most Innovative Financial Services Organization of the Year at the 2017 BAI Global Innovation Awards.
The bank currently has 227 branches and 1065 ATMs and SDMs in the UAE and overseas and a large social media following, being the only bank in the Middle East ranked among the top 20 in the ‘Power 100 Social Media Rankings’, compiled by The Financial Brand. It is a major player in the UAE corporate and retail banking arena and has strong Islamic Banking, Global Markets & Treasury, Investment Banking, Private Banking, Asset Management and Brokerage operations.
The Group has operations in the UAE, the Kingdom of Saudi Arabia, Egypt, India, Singapore, the United Kingdom and representative offices in China and Indonesia.
The Group is an active participant and supporter of the UAE’s main development and community initiatives, in close alignment with the UAE government’s strategies, including financial literacy and advocacy for inclusion of People with Disabilities under its #TogetherLimitless platform. Emirates NBD Group is an Official Premier Partner of Expo 2020 Dubai. For more information, please visit: www.emiratesnbd.com
For further information on Emirates NBD, please contact:
Ibrahim Sowaidan
Senior Vice President
Head - Group Corporate Affairs
Emirates NBD
Telephone: +971 4 609 4113 / +971 50 6538937
e-mail: ibrahims@emiratesnbd.com
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