A memory device (700) for storing data includes at least one memory cell, and wherein the at least one memory cell includes at least one ferroelectric element (710) therein for storing data therein by way of one or more polarization directions of the at least ferroelectric element. The at least one ferroelectric element is fabricated comprises a ferroelectric material having a plurality of co¬ existing phases. Optionally, the at least one ferroelectric element is fabricated from Lead Zirconate Titanate material whose composition corresponds to a morphotropic phase boundary composition. More optionally, the Lead Zirconate Titanate material has a composition Pb(Zr x Ti1- x )O 3 , wherein a parameter x is in a range of 0.52 to 0.56. The at least one ferroelectric element is provided with an electrode arrangement (720) which enables the at least one ferroelectric element to store a plurality of bits of data.