UAE- Call for financial literacy among youth

3/13/2016 3:22:35 AM

(MENAFN- Khaleej Times)

Shaikha Shamma bint Sultan bin Khalifa Al Nahyan on Saturday underlined the importance of promoting financial literacy awareness among Emirati Youth.

With an overwhelming 70 per cent of Emiratis below are 30 being in debt there is a clear need for a scalable programme that could teach them relevant financial skills.

Shaikha Shamma said that financial literacy is recognised as a growth driver for Small and Medium enterprises (SMEs) as young people across the region recognise the end of the 'job for life' era and interested in creating their own businesses.

She stressed that building successful SMEs cannot be achieved without supporting the youth in making sound financial decisions which in turn is vital to support the realisation of UAE Vision 2021.

Shaikha Shamma said: "It is through grass roots initiatives such as the Emirates Foundation's (EF) financial literacy programme 'Esref Sah' (Smart spending) that we are able to reach youth and make a direct impact on their lives. Financial literacy is a critical life skill in today's world as an individual's responsible financial decisions contributes to develop sustainable economy" she said.

The youth should be provided with the skills on how to manage their personal finances and making sound financial decisions she added.

Clare Woodcraft-Scott CEO of the EF said that eradicating financial illiteracy is a collective effort and requires a holistic approach.

"As a Foundation we believe strongly in the power of collaboration amongst all key players in order to eradicate the problem and ensure the root causes are permanently resolved....Today there is an urgent need for a national approach to building financial literacy and integrating it into society as a fundamental component."

Maytha Al Habsi Deputy Chief Executive Officer at EF said: "The ambassadorship of Shaikha Shamma for Esref Sah is a great honour for EF and for the youth of the UAE. She will help shed light on the challenges facing youth and encourage their adoption of healthy financial practices."

Lack of financial literacy constitutes a significant barrier to successful business ventures for today's youth particularly in the areas of entrepreneurial activity according to research.

Since its inception in mid-2013 Esref Sah has engaged over 40000 youth across the UAE.

However the Foundation aims to reach out to its target audience of 15-35 year olds living in the UAE and equip them for success in the workplace.

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.