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UAE youngsters clueless on cash
Kipp explores the question of financial education for the UAE’s younger generation: Do they really need lessons on learning the lessons of the credit crunch?
September 28, 2010 4:58 by Eva Fernandes
What is interesting is, despite parents’ awareness of their broods’ lack of awareness of all things related to money, there isn’t significant action taken towards righting this. The survey found only 55 percent in the UAE said they agreed with the statement “I think my children have a proper understanding of money.” That was the third lowest total among all the countries surveyed.
So what would financial education look like? If the YouGov Siraj findings are anything to go by, it would include a more substantial understanding of the need to save. Just like sex-ed programs set up in schools, similar efforts could be set up to provide children with valuable information about personal finance: the importance of budgeting, saving, setting financial goals, understanding banks and the different services they provide.
Consider the Children’s Financial Network, a company based in New Jersey that was set up to increase financial literacy. The network produces text books, widely used around elementary and middle school classrooms in the States, that present information on earning, spending, sharing, financial institutions in a very accessible and child friendly manner.
There has got to be a great lesson derived from the meltdown, other than the fact that one can use it to explain even the most arbitrary of instances. Possibly, the best lesson we could learn is to include a lesson or two about finances in our children’s education.
That way they can end up more like the ant, and less like the grasshopper.
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