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Abu Dhabi, UAE - March 12, 2016: Sheikha Shamma bint Sultan bin Khalifa Al Nahyan, today underlined the importance of promoting financial literacy awareness in light of the increasing debt amongst Emirati Youth. With an overwhelming statistic of 70% of Emiratis under the age of 30 being in debt, there is a clear need for a scalable program that can teach young people relevant skills and empower them to make positive contributions towards building a prosperous and sustainable future for the nation.
Sheikha Shamma explained that financial literacy is recognized worldwide as a growth driver for Small and Medium enterprises (SMEs), as young people across the region are being urged to become entrepreneurial, recognize the end of the ‘job for life' era and use innovation to create their own employment opportunities.
This, despite the often cited estimate that 85% of SMEs fail and most fail due to the lack of financial acumen (and notably the ability to manage cash flows) rather than the lack of access to capital.
She stressed that building an enabling SME ecosystem cannot be achieved without educating youth on financial literacy skills and supporting them in making sound financial decisions, which in turn is vital to support the realization of the UAE Vision 2021. She further emphasized that it is our role to provide youth with the skills to better manage their debt through practical learning opportunities on how to manage their personal finances and making sound financial decisions.
Sheikha Shamma emphasized that it is through grassroots initiatives such Emirates Foundation's (EF) Financial Literacy Esref Sah program that we are able to reach youth and make a direct impact on their lives.
Sheikha Shamma further stated: “financial literacy is a critical life skill in today's world and an individual's ability to make informed and responsible financial decisions contributes to a more successful and sustainable economy. Through Esref Sah I aim to inspire and enlighten youth about the global issue of financial illiteracy”.
This high level endorsement is aligned with Sheikha Shamma's commitment to youth and sustainable development, her strong philanthropic values and concern for humanitarian issues, and mission to offer strong leadership that will encourage, educate and inspire communities in relation to valuable initiatives such as youth financial literacy.
On her part, Clare Woodcraft-Scott, CEO of the Emirates Foundation said, “Eradicating financial illiteracy is a collective effort and requires a holistic approach.
As a Foundation, we believe strongly in the power of collaboration amongst all key players in order to eradicate the problem and ensure the root causes are permanently resolved. This requires the intervention and full collaboration of the public sector to engage in educational and public awareness campaigns, the private sector to provide financial support thereby enhancing the potential impact of the training, and of course our role as a Foundation to outreach and deliver to the Youth.”
“Today, there is an urgent need for a national approach to building financial literacy and integrating it into society as a fundamental component. The Ambassadorship of Sheikha Shamma reflects her profound understanding of the challenges our youth face today and is essential to support the Foundation in scaling this innovative program – which will no doubt become a regional and international showcase and an example of the forward-thinking vision of the UAE's leaders,” she continued.
Maytha Al Habsi Deputy Chief Executive Officer at Emirates Foundation said “The Ambassadorship of Sheikha Shamma for Esref Sah is a great honor for Emirates Foundation and for the youth of the UAE. She will help shed light on the challenges facing youth and encourage their adoption of healthy financial practices.”
Emirates Foundation's (EF) Financial Literacy Program Esref Sah (Spend Right in English) is the first UAE-wide initiative aimed at adopting positive financial behavior among youth and building skills to advance their own economic progress.
The program addresses challenges facing young people in the UAE today in relation to managing their personal finances and, most notably, debt. Lack of financial literacy constitutes a significant barrier to successful business ventures for today's youth, particularly in the areas of entrepreneurial activity, according to research.
Since its inception in mid-2013, Esref Sah has engaged over 40,000 youth across the UAE. However, Emirates Foundation's priority is to scale up the program further in order to be able to reach more of its target audience of 15-35 year olds living in the UAE and equip them for success in the workplace.
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