Robert Kiyosaki, bestselling author of Rich Dad, Poor Dad and an educational entrepreneur, has long argued for financial literacy to be taught in schools and not only at home. Money enables prosperity and understanding its impact in society is critical.
Rich Dad, Poor Dad was published in 1997 and, while financial education in schools still has a long way to go 25 years on, there has been some progress — as well as published data that highlights the positive economic impact of a financial education.
While in the past decade emphasis on science, technology, engineering and mathematics (Stem) has increased amid global educators, they have traditionally overlooked effective financing, budgeting, saving and spending as critical subject matters.
However, there has been a shift in tides. For example, the Financial Capability Strategy for the UK outlines the social benefits of financially literate children, while countries like the UAE and Saudi Arabia consider financial education a key component towards delivering their long-term national visions.
Governments are beginning to recognise the positive impact of equipping current and future citizens with important financial literacy tools.
They are acting on research published by international organisations such as the Organisation for Economic Co-operation and Development (OECD), which said: “Supporting financial education can be viewed by the main public, private and civil stakeholders as a critical long-term investment in human capital.”
The benefits of a financially literate population are also being more widely recognised as a key driver of inclusion.
Financial literacy has even evolved into an area of academic study with frameworks such as the National Standards for Financial Literacy outlining a basic curriculum for teaching personal finance at every school level — from kindergarten through to Year 12.
One of the OECD’s key initiatives to drive financial literacy is Global Money Week (GMW), an annual global awareness campaign on the importance of ensuring that young people, from an early age, are financially aware and gradually acquiring the knowledge, skills and attitudes necessary to make sound financial decisions that set them up for financial well-being and resilience.
During this year’s edition of GMW, held from March 21 to 27, Visa conducted a series of financial literacy educational workshops in collaboration with governments and a financial institution in Cameroon and Cote d’Ivoire. In the UAE, we collaborated with Cashee, a FinTech that focuses on teenagers’ access to financial education in their learning journey.
These engagements provide partners with an opportunity to leverage networks to scale access to tools and techniques to build their future by being smart about money. They also demonstrate a multi-stakeholder commitment to position financial education as the new Stem.
The ultimate goal is to have curriculums across the region reflect the need to have financial education as one of the key languages that will differentiate young people in the future of work.
We are conscious of the fact that the responsibility to address this knowledge gap does not rest solely on teachers and academic staff.
Governments are beginning to recognise the long-term impact of equipping current and future citizens with important tools of financial literacy
Carl Manlan,
vice president for inclusive impact and sustainability for Central and Eastern Europe, Middle East and Africa at Visa
The financial sector has industry leaders and we continue to leverage our network to make practical money and business skills platforms available to teachers and other educators.
An effective dissemination of financial education for everyone, everywhere is an achievable goal.
As we transition to models of entrepreneurship, learning institutions must be supported in their initiatives to provide students with a sound financial education.
The benefits accrue to society as a whole, therefore companies in the financial sector and across other sectors have an opportunity to join forces for the greater good of communities near and far.
Making Stem accessible to more offers a blueprint for financial education. Today’s students, strong in Stem, are tomorrow’s entrepreneurs, engineers, scientists and many others who need to be excellent at managing their financial resources.
Financial education is the solution to compound opportunities over time.
While the explosive growth of the technology sector has resulted in an unprecedented number of students becoming interested in Stem, we have an opportunity to complement their skills with financial education.
We are conscious of the limitation that an individual may have when his or her skillset lacks the fundamentals of financial education — be it budgeting, savings, financial services, credit and probably now digital skills or identity theft.
However, our collaboration encourages an equally powerful emphasis on education in personal finance to help people overcome these issues.
Carl Manlan is Visa’s vice president for inclusive impact and sustainability for Central and Eastern Europe, Middle East and Africa
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
How to help
Donate towards food and a flight by transferring money to this registered charity's account.
Account name: Dar Al Ber Society
Account Number: 11 530 734
IBAN: AE 9805 000 000 000 11 530 734
Bank Name: Abu Dhabi Islamic Bank
To ensure that your contribution reaches these people, please send the copy of deposit/transfer receipt to: juhi.khan@daralber.ae
UAE currency: the story behind the money in your pockets
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
SPECS
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If you go...
Flying
There is no simple way to get to Punta Arenas from the UAE, with flights from Dubai and Abu Dhabi requiring at least two connections to reach this part of Patagonia. Flights start from about Dh6,250.
Touring
Chile Nativo offers the amended Los Dientes trek with expert guides and porters who are met in Puerto Williams on Isla Navarino. The trip starts and ends in Punta Arenas and lasts for six days in total. Prices start from Dh8,795.
Killing of Qassem Suleimani
RESULTS
5pm: Handicap (PA) Dh70,000 1,400m
Winner: AF Tathoor, Tadhg O’Shea (jockey), Ernst Oertel (trainer)
5.30pm: Handicap (TB) Dh70,000 1,000m
Winner: Dahawi, Antonio Fresu, Musabah Al Muhairi
6pm: Maiden (PA) Dh70,000 2,000m
Winner: Aiz Alawda, Fernando Jara, Ahmed Al Mehairbi
6.30pm: Handicap (PA) Dh70,000 2,000m
Winner: ES Nahawand, Fernando Jara, Mohammed Daggash
7pm: Maiden (PA) Dh70,000 1,600m
Winner: Winked, Connor Beasley, Abdallah Al Hammadi
7.30pm: Al Ain Mile Group 3 (PA) Dh350,000 1,600m
Winner: Somoud, Connor Beasley, Ahmed Al Mehairbi
8pm: Handicap (PA) Dh70,000 1,600m
Winner: Al Jazi, Fabrice Veron, Eric Lemartinel
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
The specs: 2018 Ducati SuperSport S
Price, base / as tested: Dh74,900 / Dh85,900
Engine: 937cc
Transmission: Six-speed gearbox
Power: 110hp @ 9,000rpm
Torque: 93Nm @ 6,500rpm
Fuel economy, combined: 5.9L / 100km
UAE currency: the story behind the money in your pockets
The%20specs
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Company%20profile
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EPurpl%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECo-founders%3A%20%3C%2Fstrong%3EKarl%20Naim%2C%20Wissam%20Ghorra%2C%20Jean-Marie%20Khoueir%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EHub71%20in%20Abu%20Dhabi%20and%20Beirut%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2021%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ENumber%20of%20employees%3A%20%3C%2Fstrong%3E12%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3E%242%20million%26nbsp%3B%3C%2Fp%3E%0A
The biog
Favourite films: Casablanca and Lawrence of Arabia
Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins
Favourite dish: Grilled fish
Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.
Day 2, Abu Dhabi Test: At a glance
Moment of the day Dinesh Chandimal has inherited a challenging job, after being made Sri Lanka’s Test captain. He responded in perfect fashion, with an easy-natured century against Pakistan. He brought up three figures with a majestic cover drive, which he just stood and admired.
Stat of the day – 33 It took 33 balls for Dilruwan Perera to get off the mark. His time on zero was eventful enough. The Sri Lankan No 7 was given out LBW twice, but managed to have both decisions overturned on review. The TV replays showed both times that he had inside edged the ball onto his pad.
The verdict In the two previous times these two sides have met in Abu Dhabi, the Tests have been drawn. The docile nature of proceedings so far makes that the likely outcome again this time, but both sides will be harbouring thoughts that they can force their way into a winning position.
