Banking priorities of the UAE's millennials revealed

Liv., the lifestyle digital bank by Emirates NBD has released information about the saving habits of the UAE’s millennial population.

The bank revealed 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 and Liv. said its Goal Account enables users to set and save towards financial goals, helping them to travel, buy a new gadget or a gift for a loved one, or simply save for a rainy day.

So far, goals have been created by several thousand Liv. customers, and reveal that young millennials are just as likely to save as their older counterparts - with women being 70 percent more likely to save for a goal than men.

Of the goals set to date, more than a third (35 percent) were created to save for a rainy day, suggesting that positive saving habits are being formed among the millennial generation.

But experiences are still important for Liv.’s young customers as 40 percent 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.

According to the data, 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 women.

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.”

Liv. said it is the fastest growing bank in the UAE.