New financial literacy programme aims to empower UAE youth

HSBC and Injaz UAE form a partnership to provide money education for youth between 12 and 16 years

As part of the programme, educators and volunteers will mentor young people to increase their knowledge, skills and experience with money. Alamy

HSBC and non-profit organisation Injaz UAE have teamed up to provide financial education for young people that will teach them how to save, budget and make smart money decisions.

The initiative pairs educators from youth-focused NGO JA Worldwide and HSBC volunteers with groups of pupils in classrooms, community centres and online, Injaz UAE said in a statement on Monday.

The educators and volunteers will mentor young people to increase their knowledge, skills and experience with money, promote self-confidence and build relationships that support financial health and resilience, Injaz said.

Forty-three per cent of respondents in the UAE aged between 16 and 24 said they were not ready to manage their own money, according to a 2019 financial literacy survey by Visa.

Meanwhile, 59 per cent of the 2,046 adult Americans polled in a Charles Schwab Financial Literacy survey in June 2020 said the value of saving money was a key lesson to be taught to children.

This was followed by teaching basic money management (52 per cent), while 51 per cent of respondents listed setting financial goals and working towards them as important learning.

On a scale of one to 100, the respondents rated money management (62.9 per cent) as the most important skill for children to learn.

About 63 per cent of US adults also chose financial education as the most important supplementary graduation requirement to maths, English and science, the survey found.

“The programme is designed to promote a culture of financial inclusion and awareness for young people,” Razan Bashiti, chief executive of Injaz UAE, said.

“The knowledge that students gain after going through the programme equips them to make smart financial decisions and ensures a positive shift in mindset towards creating a more responsible youth fully capable to own its economic success.”

The programme is targeted at youth aged between 12 and 16 years. It includes a three-part module: an educational foundation session delivered by teachers and volunteers, a mobile app designed for youth and a team-based project and competition, Injaz UAE said.

A grant from HSBC this year will enable Injaz UAE and the JA Worldwide network to engage more pupils in learning and launch the programme in four more countries – Oman, Turkey, Thailand and Vietnam – the statement said.