There is so much to be done in the UAE in terms of educating ordinary consumers about finance.
Finance classes are not mandatory in schools and there is hardly any organisation in the UAE that is actively teaching individuals how to spend, save, budget responsibly, or understand the very complex financial products and investment schemes available in the local marketplace.
Except for Visa, Steve Gregory of Holborn Assets says, he's not aware of any other organisation undertaking local awareness campaigns that are directed towards non-finance professionals and their families.
"I haven't heard of universities, colleges, banks, insurance companies, churches or other organisations taking an interest either. It's important though, especially in a country like this where the rules are so different to the rules back home for the majority of residents," he says.
According to a Visa survey, 73 per cent of teachers in the UAE don't teach basic money skills as part of the curriculum. However, almost all of the education professionals (92 per cent) believe financial literacy should be made compulsory among schools.
"Clearly, there is a great deal of scope to work directly with schools to address this very real education need ... Financial literacy skills are vital to achieving financial independence and control over your money. These skills are particularly important to learn at an early age to equip young people with the ability to meet the challenges of becoming financially independent," Lama Kabbani, corporate communications manager for Visa Middle East, tells Gulf News.
With the apparent lack of financial educational programmes in the UAE, self-help is the key to empowering consumers. Individuals without finance background are advised to access local informative websites such as Visa's mymoneyskills.me.
Kabbani says the internet is still a great resource on information about financial products. "Consumers should not be afraid to ask their bank manager questions. Banks are well placed to explain the difference between the types of financial products they offer customers. It's important that consumers shop around for the right financial tool which suits their individual needs," advises Kabani.
"And of course, there are many reputable financial managers that can be called upon to provide expert advice to help consumers make a financial plan that is mapped against their short, medium and long term goals," she adds.
