The Authority of Social Contribution – Ma’an has launched a new financial literacy initiative aimed at educating Emiratis about smart money management which can contribute to the long-term economic growth of Abu Dhabi.
The three-month course aimed at educating and empowering UAE nationals in Abu Dhabi on how to handle their finances and become financially independent is named Ghaya, meaning “goal” in Arabic.
Ma’an has collaborated with the ADGM Academy, a part of Abu Dhabi Global Market, and the London Banking & Finance Institute to run the content of the program, addressing a variety of financial literacy topics, such as how to save and live within your means and how to identify appropriate investment choices.
In an attempt to build positive attitudes towards financial literacy, the Ghaya financial literacy program will also guide participants on how they can teach the same to their families and communities.
According to a 2019 financial literacy survey by Visa, a multinational financial services corporation, 43% of respondents between the ages of 16 and 24 in the UAE said they were not prepared to handle their own money, while 53% said schools did not prepare them enough to take care of their finances.
“The launch of Ghaya signifies so much more than the introduction of a financial literacy program, it will play an instrumental role to understand the importance of finances as well as equip UAE nationals with the knowledge and skills to be more efficient with managing their finances. While it will create communities of financially independent individuals who can pass on their knowledge to others, it will also strengthen the economic growth of Abu Dhabi, which is one of the leading global cities for trade and business.”
“The program is an example of Ma’an’s role in facilitating and enabling the development of meaningful volunteering opportunities, creating independent individuals who can drive positive change within local communities in Abu Dhabi, in collaboration with the public, private and third sector,” Ms Al Ameemi added.
Over the past two years, the UAE has launched a variety of financial literacy programs to address the spike in personal debt in the country. Last year, the UAE Central Bank signed an agreement with the Emirates Foundation to introduce a financial literacy program.
In an attempt to help customers handle their cash more efficiently, the UAE Banks Federation also launched a financial literacy handbook in May 2018.
The first Ghaya program will begin on December 13 with 50 participants, 35 of whom will be recruited from current beneficiaries of the Social Support Authority. The program is also open for the public to apply.
“Through its robust curriculum and best in-class framework, we are confident that Ghaya will aid in shaping a generation of financially savvy and self-sufficient Emiratis,” Hamad Al Mazrouei, chief operating officer of ADGM and managing director of the ADGM Academy, said.