VIDEO – Cashy founder on UAE Saves Week
Nima Abu-Wardeh talks about the importance of managing finances, the temptations that stand in the way of saving and the long-term options that money can provide.
September 24, 2013 5:50 by Muhammad Aldalou
There is an absence of a savings culture in the UAE. There are countless studies, polls and in-depth surveys revealing that the majority of residents in the country are not nearly as financially prepared as they ought to be.
A recent survey by research firm YouGov reveals that nearly 50 per cent of residents don’t have a savings plan, with 57 per cent of respondents saying they have a long way to go before becoming debt-free.
The good news is that, according to the same survey, 55 per cent of them are ready to make lifestyle changes. The willingness to embrace healthy saving habits is also reflected in the community response to Cashy’s annual ‘UAE Saves Week’ initiative.
The campaign, which is the brainchild of BBC World journalist and founder of personal finance website Cashy, Nima Abu-Wardeh, began on September 22 and will run until September 28. The initiative challenges residents to undertake simple pledges on each day of the week and share their experiences through social media.
‘Savings Sunday’, ‘Pack Your Lunch Monday’, ‘Green Tuesday’, ‘Wise Up Wednesday’, ‘G.O.O.D (Get Out of Debt) Thursday’, ‘Frugal Friday’ and ‘Stick With It Saturday’ are the daily themes running this week.
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