UAE schools teach financial wellness to students – News
The idea for the program was to make smart decisions that affect money matters.
Some schools in the United Arab Emirates have started teaching their grade XI and XII students financial wellbeing and management, a topic that is particularly relevant during the pandemic.
The idea for the week-long, web-based program was to provide students with a talent for finance and accounting, in order to develop the ability to think strategically and the confidence to make smart decisions that affect money matters.
As part of the program, around 10 schools worked with an organization that provides financial education to children and a bank in the UAE, which has reached out through the initiative to provide institutions with literature and tailor-made learning modules that may be useful for young adults.
Beena Raju, Head of Commerce Department, Dubai Gem Private School, said, “The hands-on tips, simulations and highly engaging sessions will help our students be financially prudent in real life, especially when managing their personal finances. The students have gained a lot and are confident that they will be able to apply what they have learned to their monthly family budget after completing this program. “
Vanessa Inocencio of St. Mary’s School said, “Through this program I was able to calculate that the return on investment (ROI) could be very high. I’m glad to learn how to spend my savings smarter. This program was surprisingly fun. I would highly recommend it to my colleagues because I really believe it would really help when we grow up and start earning and managing our own finances. “
Another student, Bhargav Nilesh Thanki, said, “It was a pleasant experience for me. At first I thought it was boring, but it turned out to be a great learning experience. Now that I’ve attended the program, I will know more about how to budget and manage my finances and how to use a credit and debit card and not fall for marketing tactics. “
Participating institutions include Dubai Gem Private School, Elite English School, St. Mary’s Catholic High School, GEMS Modern Academy, GEMS New Millennium School, Middlesex University Dubai and the British University in Dubai, which are eligible for the from . Kids Finance Initiative (KFI) and Emirates NBD Bank.
Topics such as money mindsets, needs vs. wants, money management styles, budgeting, compound interest and common money mistakes were part of the curriculum.
Marilyn L Pinto, Founder of the Kids Finance Initiative, said, “As someone who has been committed to financial literacy for five years, I am excited to be part of this groundbreaking initiative. This curriculum focuses not only on financial literacy, but also financial behavior and attitude. The coming together of different aspects makes it really powerful. The students learn how the individual concepts relate to their lives and how they can apply what they have learned. The dynamic and engaging sessions and the personal familiarity of the live coaching courses not only help children learn faster and remember better, but also motivate them to deep learning that increases their financial awareness. “
A total of ten schools in the UAE participated in the first edition of the program, which was aimed at nearly 300 students.
Suvo Sarkar, Senior Executive Vice President and Head of Retail Banking and Wealth Management, Emirates NBD, said: “Establishing good financial habits at a young age is one of the building blocks for long-term financial wellbeing.”
He added, “Our comprehensive program is designed to use skilled educators and proven learning tools to create effective behavioral changes in young adults. We look forward to continuing to invest in programs that contribute to the financial well-being of the citizens and residents of the UAE. “