United Arab Emirates: Launch of Program to Instill Financial Understanding in Children Amidst Growing Consumption Trends
The United Arab Emirates (UAE) has launched a unique financial literacy programme designed to educate children and teenagers aged 9-15 about money management. Called "Your Money, Your Dignity," the programme is a significant departure from conventional financial education models, as it utilizes traditional community councils, referred to as "majalis," as learning venues.
The programme, a joint initiative by the National Financial Wellbeing and Sustainability Initiative Zoud and Majalis Abu Dhabi, prioritizes cultural familiarity over traditional classroom settings. The workshops are held in the heart of the community, in "majalis," where generations gather, trust is built, and knowledge is naturally exchanged.
The programme's content is tailored to each age group using OECD frameworks and is highly localized to UAE contexts and real-life situations faced by young people in the emirates. Children aged 9-12 learn about saving, budgeting, and distinguishing needs from wants, while teenagers aged 13-15 delve into long-term financial planning and ethical earning principles.
Dr. Maha Al Mansoori, Education Associate Director at Zoud, highlighted the importance of the "majalis" in the programme, stating that they foster more personal and intergenerational learning experiences. Salem Al Shamsi, Community Director, further emphasized the cultural advantage of the workshops, noting that "majalis" provide a more intimate and engaging learning environment.
The workshops run weekly from July 9 to August 29 across six community councils, with locations ranging from Al Reef to Al Tawiyah. Each session requires QR code registration due to limited seating capacity and overwhelming interest from parents. The programme aims to expand throughout all seven emirates in the future, as planned by Zoud.
The programme addresses growing concerns about youth financial preparedness amid rising consumerism and digital transactions. By integrating culturally relevant methods for education and engagement, including leveraging traditional community structures such as local community councils, the programme ensures financial education is accessible and resonates with local values, fostering a supportive environment that respects cultural norms and enhances community involvement in financial empowerment.
The culturally resonant name, "Your Money, Your Dignity," reflects the belief that financial responsibility is a source of pride and integrity. Zoud aims to ensure that financial well-being remains a cornerstone of sustainable development in the UAE.
- In addition to teaching financial literacy, the "Your Money, Your Dignity" program in the UAE also encourages cultural education and self-development, fostering a deep understanding of local values and customs.
- The program is not limited to financial topics; it also covers various aspects of life, such as health, news, sports, and entrepreneurship, with focus on startups and real estate.
- As part of their educational journey, the older age group (13-15) learns about the impact of financial decisions on the environment, promoting sustainable finance and business practices.
- By utilizing traditional settings like "majalis," the program encourages collaboration and knowledge sharing between parents, guardians, and children, strengthening family ties and managing shared responsibilities.
- Aiming to create a more informed and empowered population, the "Your Money, Your Dignity" program encourages lifelong learning and self-improvement through education-and-self-development resources.
- Recognizing the importance of financial literacy in shaping the future of the UAE, Zoud has timed the program to align with the start of the new academic year, inspiring students to approach their education and finances with a sense of responsibility and commitment.