In alignment with the objectives of the “Year of the Family,” various UAE institutions are fostering a culture of financial literacy aimed at children and teenagers. This initiative encompasses a comprehensive array of programmes and initiatives, foremost among them being the “Zood” platform and the “Sandak” initiative, as well as the introduction of the “Little Investor” programme in schools. These efforts collectively aim to build a more stable community with a resilient and sustainable economy.
Empowering the Next Generation
Banking institutions are joining this movement by launching prepaid “Visa” cards tailored for children and youth. The goal is to cultivate financial awareness among the younger generation, encouraging children from the age of eight to save and use electronic payment methods responsibly. This initiative is expected to enhance their money management skills through practical and secure financial experiences.
The Role of Family in Financial Education
Family advisors and financial consultants stress that financial culture originates in the home. Daily practices contribute significantly to building financial awareness and fostering responsible financial habits, which ultimately benefit the family’s stability and future. They highlight that both social and economic institutions within the UAE prioritise the development of financial literacy among children, offering innovative initiatives that provide younger generations with the skills needed for making informed financial decisions early in life.
Building Financial Foundations
Family advisors Mohammed Abdullah, Fatima Wanes, and Lameeya Al-Balushi assert that teaching children the principles of earning, saving, balanced spending, and charitable giving is crucial for preparing a generation equipped to build a more stable financial future. They point to numerous programmes, initiatives, and platforms designed to educate children and youth on earning, saving, conscious spending, and donating. These offerings also allow parents to oversee their children’s financial activities.
Innovative Programmes and Initiatives
The Knowledge Fund and National Sukuk Foundation have launched the “Little Investor” programme, which is the first of its kind in the Middle East, aimed at promoting financial literacy among school students by creating an inclusive educational environment. Furthermore, the Abu Dhabi Social Support Authority has developed a “Financial Guidance” programme in collaboration with leading financial and social institutions, equipping participants with the necessary skills for effective financial planning and protecting them from the repercussions of debt.
Community Engagement and Digital Learning
The “Zood” initiative focuses on financial well-being and sustainability. It has introduced the “Malak.. Ezzak” programme for children and youth aged 9 to 15. This programme features interactive community workshops in Abu Dhabi, as well as expanded digital lessons in financial literacy for school students, provided in partnership with Alif Education, reaching thousands of students across different emirates.
A Growing Commitment to Financial Literacy
Financial consultants Mohammed Shadhli and Walid Nadim highlight the expansion of programmes and initiatives aimed at strengthening financial literacy among children and teenagers. These programmes lay a foundation for concepts like saving, money management, and financial planning from an early age. Numerous banks and companies are launching digital applications to boost financial awareness, along with organising school and community workshops promoting saving habits among children and youth. These initiatives particularly focus on instilling the importance of regular saving, setting financial goals, and managing personal allowances.
These initiatives converge on a common goal: to curtail irresponsible consumption behaviours and foster a generation that is financially savvy and responsible.