In a rich country, the children need basic money skills

Emirati children have always been taught education is their most valuable tool. But one type of education is more valuable than others during economic uncertainty, says Manar Al Hinai.

Many young Emiratis blame their schools for not providing them with basic finance and savings tips. Silvia Razgova / The National

Emirati children have always been taught that the most valuable tool they need to equip themselves with and push our country forward is education, hence the abundance of quality schools.

As much as I value education, I came to realise that certain types of knowledge are more relevant than others when considering economic uncertainty.

During times when we cannot accurately predict how the financial market will perform the next day, knowing how to "save your white penny for your dark day", as an ancient Arab proverb states, seems to be the most sought knowledge.

Even though countless numbers of young Emiratis have made it to the top by following their passions, many others are still unable to take the first step because they lack proper financial management tips.

This is not a new topic, or something out of the ordinary.

Many young Emiratis complain to each other about how they are unable to manage their finances, and are swamped with debt, even when they hold high-paying jobs.

They blame it on their schools for not providing them with basic finance and savings tips and their parents for not teaching them better. They also point to the luxury of not having to worry about the future because we are blessed to be living in a calm and secure country.

Nevertheless, blaming some factors and taking others for granted does not make things right. Just the other day, I saw a young girl throw her brother's iPhone on the ground as she was fighting with him. Frustrated, her mother asked her why she had to ruin his phone.

"It's OK, dad has a lot of money. He would replace it for him anyways," she said arrogantly.

I was in shock. It is not the first time I have witnessed such behaviour or heard similar sayings, but it was a wake-up call for me.

If these same young children, who in a very few years will manage our businesses and industries, do not value money, and take it for granted, then we are in for a very bad roller coaster ride.

Luckily, I recently turned on the radio and found a programme on this very issue.

The topic generated a huge response from Emirati listeners, and many called in to discuss their children's poor allowance management.

The show's host, a social worker from Sharjah, said just like any good habit, teaching children how to save and manage money should take place at an early age.

Intrigued, I did more research. The internet provided me with hundreds of solutions.

My current favourite is a series of Sesame Street Money videos, For me, for You, for Later. The series is part of a new, free programme aimed at teaching young ones about basic finance. The videos can be accessed online and are available in both English and Spanish.

A great initiative was undertaken by PNC Bank in the US, a sponsor of the programme, which distributed the video to their clients free of charge.

Think how much we would influence children if all local banks adopted a similar approach.

What other options are also out there? Perhaps provide them with instructional tools, such as a money safe. Tell them that this safe is their own private bank, and that they are the only ones who have access to it.

Colourful ones are available on Amazon.com and most do not cost more than US$25 (Dh91.83).

Another great idea is to provide young savers with a dividend incentive every time they save money.

Those who save 50 per cent of their weekly allowance, for instance, receive a 10 per cent bonus the following week. The more they save, the higher their total allowance.

Introducing basic concepts such as saving and financing at an early age is vital to sustain the UAE's future economy.

It's so important that I believe it should be a mandatory part of our school curriculum, and augmented through aggressive advertising campaigns.

Manar Al Hinai is an Emirati fashion designer and writer. She can be followed on Twitter @manar_alhinai

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