Dubai bank tackles 'savings' issue with piggy bank alternative

Dubai bank tackles ‘savings’ issue with piggy bank alternative

Kipp is pleased to see that media reports discussing the disappointing savings habits among UAE residents has woken somebody up...

September 18, 2012 9:26 by Muhammad Aldalou

Children in the UAE are not raised with financial education, in this part of the world, financial planning is not something we are used to and people in the UAE need to realize that they have to save more may all sound like negative or discouraging statements coming from the National Bonds chief, Qasim Al Ali, but they’re not. They are all (unfortunately) true and since the release of disappointing results by the National Bonds survey, a lot of national media publications took to their headlines to discuss the worries of an ‘absence of a savings culture’ in the country.

While a few banks in the country have previously taken initiatives to grant children access to savings accounts and other forms of diluted encouragement, it’s refreshing to see that Dubai Islamic Bank is taking a stronger and more importantly, immediate initiative. But whether the availability of ‘Child ATMS’ will actually have a noticeable effect on the parents (you can’t expect a child to, can you?) to begin exercising discipline of saving and money management is a secondary conversation.

Kipp is all for the further education or molding of adult minds, but we realize how much more challenging it is for an adult that is ‘set in his/her ways’ to suddenly become instilled with new values or rather, new habits. Targeting the children not only seems like the ‘easier’ choice, for a lack of a better phrase, but it also ensures the gradual instillment of financial planning values for the next generation to come.

“The next generation is certainly a very important part of the future, and we believe that by helping children learn how to manage money early in their lives, we are empowering them to fulfill their potential when they become the adults of our society,” said Adnan Chilwan, deputy CEO at Dubai Islamic Bank to 7days in Dubai.

Schools and parents have also been strongly advised to introduce the ideology of financial planning to their children as early as possible. Kipp couldn’t agree more, the earlier the better. With every new account that is opened at DIB, a child’s ATM will accompany it, along with a savings box. This offer is available to all children in the UAE.

Sure beats having a breakable piggy bank doesn’t it?