The best things in life, as they say, are free. Nevertheless, although money isn’t everything, it is inescapable. From early adolescence to retirement, money is essential to most aspects of life. In modern times, the accruement of wealth has taken increasingly diverse and complex forms such as stocks, bonds, ETFs and digital currencies.
And yet, despite the obvious necessity of knowing how to manage money responsibly, financial literacy, especially for young people, is still regarded as a soft skill – nice to have but not a core competency. For too long, learning how to handle money has been regarded as an optional life skill to be picked up informally or to be taught in the family. In reality, it is as fundamental to daily life as numeracy and literacy. It should be treated as such.
A new skills programme in Dubai seeks to change this. The Skills for Life initiative announced on Saturday – directed by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence – has been developed to ensure young people leave school with social and practical skills, as well as academic knowledge. Led by the Knowledge and Human Development Authority, the emirate's private education regulator, it is to be introduced in the 2026-27 academic year.
In a world where financial decisions are made daily, often instantly, and increasingly through digital platforms, not knowing how to save, spend and invest effectively is a luxury that many young people – especially those from lower-income backgrounds – cannot afford. This is a reality that Dubai – itself a centre for financial expertise – has recognised. Skills for Life sits comfortably alongside international programmes such as the OECD’s Global Money Week. This last took place in May and aimed to equip young people with the knowledge and confidence to make sound financial decisions.
These efforts acknowledge a clear truth: habits formed early can shape a lifetime of stability. It is appropriate that Dubai’s latest initiative takes place during the UAE’s Year of the Family. Educators can standardise and transmit financial knowledge, but it is families that reinforce behaviour and build sound intergenerational habits. The result is not only better-informed individuals, but more resilient households.
However, introducing such skills is only the beginning. The pace of change in today’s financial systems means that curriculums must not remain static. Far from merely managing pocket money or a basic savings account, students today are growing up in a landscape where investing, trading and borrowing can be done with a few taps on a smartphone. Knowing how to assess risk, avoid scams and understand complex products is as important as balancing a budget, particularly as the penalties for poor investments can be so unforgiving.
If education is to prepare students for the realities of adult life, it must evolve accordingly. Treating financial literacy as a core, assessed discipline would send a clear signal about its importance. Although young people may not relish the idea of one day sitting tests on how to borrow, spend, save and invest effectively, it will equip them with at least some of the necessary tools to help them navigate the financial rapids of adult life.
