The UAE’s millennials are just as keen to save and set aside money as their older counterparts, according to Liv., the new digital banking brand of Emirates NBD.
In a statement that perhaps challenges some common perceptions of millennials, Jayash Patel, Head of Liv., says that younger customers are clearly setting both short and long term saving targets.
“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,” says Patel.
“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.”
According to Liv., around 35% of what it calls saving ‘goals’ relate to saving for ‘a rainy day’, whereas around 40% of goals relate to saving for ‘what they love’, or travelling. Women appear keener to save for travel, whereas gadgets and cars top the list for men, who are also more likely to save for a wedding than women. Overall, women are more likely to save for a particular goal than men.
Liv. describes itself as a financial ‘buddy’ that helps customers better manage their finances. Its Goal Account enables users to set and save towards financial goals, while earning a 2% return on their balance.