MUSCAT: Young Omanis are leading the country in personal financial discipline, with 75% of persons aged 18 to 29 saving a portion of their income on a regular basis, according to a study by the National Centre for Statistics and Information (NCSI) in partnership with the Financial Services Authority.
The 2024 poll investigated citizens' attitudes toward saving and investment, revealing that young people were considerably more inclined to save than older age groups. The savings rate decreases to 58 percent among those aged 30 to 40, and then to 42 percent among those over 50. Overall, the study revealed that 59% of Omanis save a piece of their monthly budget. Of these savers, 81% keep their money in bank accounts, both Islamic and conventional, making it the most popular way to save.
While young people exhibited the greatest saving behavior, women outperformed males, with 74 percent of Omani women saving consistently against 56 percent of men.
Higher educational attainment was associated with stronger saving habits, with 73% of people with credentials beyond the general diploma level saving, compared to 49% of diploma holders and only 33% of those with less than a diploma.
Income and employment both play obvious roles. Among working Omanis, 64% save, compared to just 49% among job searchers and 39% among those outside the labor force. Those who earned more than OMR600 per month had a 69% savings rate, while those who earned less than OMR300 saved only 33%.
The most common justification for saving was to prepare for emergencies and future needs, followed by housing and investment objectives. The results indicate a rising culture of financial literacy among young Omanis and are projected to influence national policy aimed at promoting saving habits throughout the Sultanate.
