Muscat: Conducted by the National Center for Statistics and Information (NCSI) in collaboration with the Financial Services Authority, the 2024 survey paints a revealing picture of how Omanis manage their money, and why many still struggle to save.

The survey defines savings as the portion of income set aside for short-term goals like emergencies, travel, or furnishing a home. According to findings, 59% of Omanis currently save part of their income, with a significant 81% of savers depositing funds into bank accounts—a steep rise from 53% in 2018. Despite this, 85% of non-savers cited low income or debt as barriers.

Who saves and who doesn’t

The survey uncovered notable demographic divides. Women in Oman save more than men, with 74% of women putting aside money compared to 56% of men. Savings also rise with educational attainment:

73% of those with post-secondary education save,

compared to 49% with a general diploma, and

just 33% with less than high school education.

By age, young adults (18–29) lead at 75%, while savings dip to 42% among those over 50. Employment and income also play major roles:

64% of employed Omanis save,

compared to 49% of job seekers and 39% outside the labor force.

69% of those earning more than RO 600/month save, versus just 33% earning under RO 300.

The top reasons for saving include:

59% for emergencies and financial security,

16% for housing needs,

14% for investments or starting projects.

In contrast, 32% of non-savers blamed the rising cost of living, while 3% simply saw no value in saving.

Traditional bank accounts remain the top choice, but savings habits have diversified since 2018:

Associations saw increased participation (66% in 2024 vs. 53% in 2018),

Real estate as a form of savings rose (29% vs. 21%),

Gold and jewelry use ticked up (15% vs. 11%),

Storing money at home or with friends/relatives jumped from 23% to 35%.
Newer methods like crowdfunding platforms (5%) and cryptocurrencies (5%) have also entered the savings scene.

Even those not currently saving showed growing openness to modern methods:

90% would save via real estate,

82% via associations or gold,

58% through crowdfunding,

57% with digital currencies like Bitcoin.
Notably, interest in bank accounts among non-savers rose to 81% in 2024, up from 23% in 2018.

Omanis primarily rely on job salaries (75%) as their main source of income, followed by private projects (24%), retirement salaries (9%), and real estate rents (6%). A small portion depends on financial aid or support from family and friends.