Abu Dhabi: It is important to be happy, to create values, and to change the world, but most important is understanding the language of money to achieve those big dreams, said experts on Wednesday in the capital.
With 70 per cent of young Emiratis reported to be in debt in some form, experts said it is critical to launch a financial literacy programme to spread the culture of saving and spending across the UAE.
“Lack of effective financial planning and an increasing desire to acquire luxuries are some of the contributing factors for 70 per cent young Emiratis in debt. This is an alarming number. It is essential to conduct a programme which will make youth more conscious of their spending habits,” Maitha Al Habsi, chief programme officer at the Emirate Foundation for Youth Development, said in a press conference held in Abu Dhabi.
The Emirates Foundation, in collaboration with Operation Hope — the US-based organisation focused on financial literacy and empowerment — announced the launch of its latest pilot project, “The 100 Youth Club.”
The project aims to train 100 Emirati youth, including university students, schoolchildren and business men and women from the local community and outside to become trainers and mentors in the field of personal financial management for better saving and spending practices.
The 100 youth club project, which is part of Esref Sah (meaning ‘to spend wisely’) is intended to raise and strengthen awareness of better financial management among Emirati youth aged between 15 and 25.
“We have worked closely with the Foundation to put financial literacy under the spotlight in the UAE. Therefore a financial literacy programme, which consists of two parts, the financial mobile Esref Sah bus and the educational curriculum, was launched.
“Definitely no one can change the lives of others through theoretical curriculum. We needed to make it more interactive through our mobile bus project, which has interactive games and online applications to maximise Esref Sah’s impact and strengthen the foundation’s community links by taking financial literacy activities and events to youth, academic and community centres across the country,” John Hope Bryant, founder and chairman of Operation Hope, told Gulf News.
Dr Sabha Al Shamsi, director of social inclusion at the Emirates Foundation, said earlier that the interactive bus, which cost around Dh500,000, is equipped with one laptop, one smart TV and six iPads. It can accommodate up to 30 students.
Coinciding with the launch of the 100 youth club project, the foundation organised three training workshops at Zayed University in Abu Dhabi, the Higher Colleges of Technology in Dubai, and UAE University in Al Ain.
Over 100 participants attended, representing academia, banking institutions, and business sectors.
“The training workshops witnessed an exceptional number of participants with Emiratis representing 60 per cent of the overall attendees in the programme,
“Many people around the world and in the UAE often struggle to manage, eliminate their debts and make right financial decisions. Esref Sah programme is the key to teach youth to take control of their financial future,” Bryant added.
