Abu Dhabi - MENA Herald: Abu Dhabi Finance (ADF), one of the UAE’s premier providers of transparent residential and commercial mortgage products to the local market, has teamed up with a non-profit business education organisation, INJAZ UAE, a member of Junior Achievement Worldwide, in an initiative to boost financial literacy education amongst high school and university students. Abu Dhabi Finance is partnering with INJAZ UAE to pilot an innovative education program in Abu Dhabi supported by university students. The innovative programme is the first of its kind in the capital and aims to train over 500 students this year.
Chief Executive Officer of ADF, Chris Taylor said: “We believe that financial literacy is still a big issue in Abu Dhabi and many young people don’t understand the implications of taking on debt and borrowing. This combined with complex or opaque financial products and irresponsible lending practices can lead to young people taking on more debt than they can manage, severely affecting their futures. Teaching young people about responsible money management is central to building financial security for themselves, their families and for the UAE.
The programme we are piloting with INJAZ UAE is aimed at helping students make more informed decisions about money and borrowing. As a finance provider, financial literacy is an issue close to our hearts – one of ADF’s founding principles is to promote responsible lending practices in the UAE. We firmly believe that this is one of the fundamental building blocks of any healthy, sustainable economy.”
This international program aims to help students appreciate their current and future roles as consumers, investors and borrowers, better plan their finances which will impact the UAE economy as a whole. A few of the INJAZ UAE student impact results:
- 84% of students reported that INJAZ UAE taught them how to manage their money.
- 84% of alums recognize the importance of managing their personal finances.
- 83% of participants said that participating in INJAZ UAE helped prepare them for the world of work.
The ‘JA Personal Finance®’ program developed by Junior Achievement Worldwide reaches 150,000 students worldwide. Backed by ADF, the program will give students between the ages of 15-19 in Abu Dhabi, a hands-on, practical introduction to personal finance and focuses on earning money; spending money wisely through budgeting; saving and investing money; using credit cautiously; and protecting one's personal finances. The program also utilizes corporate volunteers to help deliver activities and enrich the program drawing from their own experiences and knowledge, ensuring that young Emiratis have the awareness and tools necessary to make wise financial decisions today and in their future.
Sulaf Saleh Al-Zu’bi, CEO of INJAZ UAE commented: “We’re very excited to enter into this strategic partnership with ADF and launch this excellent financial literacy program for the first time in Abu Dhabi. The program is aimed at increasing student’s personal economic skills and teaching them about responsible money management which are key life skills applied to youth and adults as well.”
As this generation of young Emiratis strives to reach their economic goals, ADF will support the students to make responsible financial decisions that will play a key role in empowering and in instilling confidence in them.