When it comes to her fellow women, Carrie Schwab-Pomerantz says she doesn't care how great a marriage they may have.
"I figure that knowing about personal finance is as equally as important as a couple when you're married and one of you knows how to swim," says Ms Schwab-Pomerantz, the president of the Charles Schwab Foundation, a group that helps individuals and families achieve financial well-being through education, volunteering and advocacy.
"You both have to know how to swim because if the boat goes over, you're both on your own."
In 2009, a study published by UAE researchers in the Journal of Risk Finance found that the financial literacy of investors from the Emirates is "far from the needed level". Women, in particular, had a lower level of financial literacy compared with men.
"For women, it's really about having control and options in your life," says Ms Schwab-Pomerantz. "Historically, women have been the homemakers. They don't have the money, so therefore they don't really have the independence to do what they want and for their own safety, and I think that's crucially important."
Unfortunately, experts say, the signs still aren't positive for women in the UAE.
Last month, MasterCard Worldwide released its inaugural Index of Financial Literacy, which examined basic money management skills, financial planning knowledge and an understanding of investing.
It found that within the Mena region, Egyptian women had good budgeting habits for their daily finances and kept up with bills and credit commitments. Most also set aside money for big-ticket purchases and had some of the best understanding of compound-interest rates compared with other women in the Mena region.
Overall, Egyptian women scored the highest in the Mena region, while women from the UAE came in last.
"The need to improve financial literacy among women should not be underestimated," the report said. "Although the Middle East markets scored well in general, the lower scores of Lebanon, UAE and Kuwait indicate that there is room for improvement."
nparmar@thenational.ae
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More from Rashmee Roshan Lall
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Reading List
Practitioners of mindful eating recommend the following books to get you started:
Savor: Mindful Eating, Mindful Life by Thich Nhat Hanh and Dr Lilian Cheung
How to Eat by Thich Nhat Hanh
The Mindful Diet by Dr Ruth Wolever
Mindful Eating by Dr Jan Bays
How to Raise a Mindful Eaterby Maryann Jacobsen
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Bio
Born in Dubai in 1994
Her father is a retired Emirati police officer and her mother is originally from Kuwait
She Graduated from the American University of Sharjah in 2015 and is currently working on her Masters in Communication from the University of Sharjah.
Her favourite film is Pacific Rim, directed by Guillermo del Toro
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