Majority of Omanis save to secure their future, shows survey

Muscat: More than 60 per cent of Omanis save a part of their income for emergencies, according to a survey by the National Centre for Statistics and Information (NCSI).
The survey titled “The attitude of Omanis on Savings and Investments” was conducted via telephone interviews from April 29, 2018, to May 8, 2018. The results were based on the response of 1,501 participants aged 18 years and above.
The data showed that 64 per cent of Omanis save a part of their income for emergencies.
Insufficient income, debt
It also revealed that 82 per cent of citizens thought that insufficient income or debt was the main reason for failure to set aside money for the future.
Besides discovering the investment and saving mentality among the local community, the survey also focused on identifying the most prominent factors driving Omanis to save their earnings.
A total of 1,110 males participated in the survey compared to 391 females, according to NCSI. The data included individuals with salaries exceeding OMR600, who saved differently compared to those whose salaries were lower than OMR300.
Saving Methods
Some 59 per cent of the participants aged between 18 and 29 saved money by participating in co-operative societies, while individuals aged between 30 and 49 years saved their money by investing in real estate.
On the other hand, more than half the citizens aged 50 and above said they preferred to keep their money in their bank accounts.
The report also showed that half of Omanis preferred to invest in the real estate market and more than a third of Omanis preferred to invest in private businesses.
Another method of saving used by five per cent of the surveyed individuals was exchanging money to gold, while six per cent preferred to keep their money in their homes.
Governorates
The method of saving also varied from region to region; for instance, data showed that 53 per cent of Omanis in South Batinah Governorate preferred to keep their money in their bank accounts.
Furthermore, more than a quarter of Omanis in South Sharqiyah preferred to invest in real estate.
The use of co-operative societies as a method of saving was popular in Dakhiliyah, with 31 per cent of citizens in that governorate choosing the method as their main choice when it came to saving.