Financial literacy is an indispensable skill for today's youth, empowering them to make informed and effective decisions about their financial resources.
The advent of financial technology in particular, has significantly transformed the financial education landscape, introducing innovative tools for learning and managing finances.
These technological tools streamline processes, supporting the development of a more financially aware and empowered generation.
Generational perspectives
There is a hugely skewed take-up of FinTech towards the younger demographics versus the older.
For example, in the wealth space, the most significant transfer of financial assets globally in the history of human beings is happening over the next two decades as baby boomers pass over to Gen Z and millennials.
So, many more younger people will have wealth and need advisory services, which should be accompanied by a significant shift from human to digital advisers.
Currently, the most effective model for financial institutions in the wealth space is hybrid, which allows them to target all demographics.
They must focus on providing the benefits of artificial intelligence-powered services rather than just human advisory if they wish to keep up with the market and youth demands. Otherwise, they are likely to see clients leaving.
Financial challenges and solutions often differ significantly between generations. While older generations may value traditional banking and personal consultations, the youth lean towards digital, quick access and peer advice.
Ensuring solutions cater to both demographics involves understanding their unique needs and preferences – younger users might prefer mobile-first, gamified experiences, whereas older users may prioritise security and simplicity.
Bridging this gap requires offering tools and educational resources that respect these differences while promoting essential financial skills across generations.
FinTech firms design various apps and platforms to simulate economic scenarios, making learning interactive and engaging.
For example, virtual stock trading apps allow users to practise investing without risk, while budgeting apps provide real-time insights into spending and saving habits.
Other tools focus on demystifying complex financial concepts through user-friendly interfaces and simplified language, making it easier for young people to grasp and apply these ideas in their financial journey.
While FinTech provides numerous opportunities for enhancing financial literacy, challenges like information overload and the reliability of sources can be overwhelming.
Young individuals should be encouraged to evaluate the information and tools they use critically. Seeking guidance from trusted financial advisers or educational programmes can provide a foundation for understanding, alongside using FinTech tools for practical application.
Three steps to boost financial literacy
Engage with interactive learning tools: Utilise FinTech apps that offer gamified learning experiences, such as simulated trading platforms, budgeting apps or financial planning tools. These interactive elements make learning about finance more engaging and less intimidating.
Regularly consume financial content: Read blogs, watch videos, or listen to podcasts that discuss financial topics. Many FinTech companies and financial advisers produce content tailored to young audiences, breaking complex issues into digestible pieces.
Practise financial management: Apply the learnt concepts by managing a small budget, investing a minor amount, or tracking spending through FinTech tools. Real-life application cements learning and builds confidence in managing finances.
Financial literacy is an essential skill in the modern world.
As FinTech continues to evolve, it will undoubtedly play a crucial role in shaping financially savvy future generations equipped to navigate the complexities of the digital financial landscape.
Nicholas Wright is head of institutional sales at Saxo Bank
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
UAE currency: the story behind the money in your pockets
Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
More from Rashmee Roshan Lall
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
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UAE currency: the story behind the money in your pockets
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The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
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Overview
Cricket World Cup League Two: Nepal, Oman, United States tri-series, Tribhuvan University, Kathmandu
Fixtures
Wednesday February 5, Oman v Nepal
Thursday, February 6, Oman v United States
Saturday, February 8, United States v Nepal
Sunday, February 9, Oman v Nepal
Tuesday, February 11, Oman v United States
Wednesday, February 12, United States v Nepal
UAE currency: the story behind the money in your pockets
Meatless Days
Sara Suleri, with an introduction by Kamila Shamsie
Penguin
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
UAE currency: the story behind the money in your pockets
SERIE A FIXTURES
Friday (UAE kick-off times)
Sassuolo v Bologna (11.45pm)
Saturday
Brescia v Torino (6pm)
Inter Milan v Verona (9pm)
Napoli v Genoa (11.45pm)
Sunday
Cagliari v Verona (3.30pm)
Udinese v SPAL (6pm)
Sampdoria v Atalanta (6pm)
Lazio v Lecce (6pm)
Parma v Roma (9pm)
Juventus v Milan (11.45pm)
RESULTS
Main card
Bantamweight 56.4kg: Mehdi Eljamari (MAR) beat Abrorbek Madiminbekov (UZB), Split points decision
Super heavyweight 94 kg: Adnan Mohammad (IRN) beat Mohammed Ajaraam (MAR), Split points decision
Lightweight 60kg: Zakaria Eljamari (UAE) beat Faridoon Alik Zai (AFG), RSC round 3
Light heavyweight 81.4kg: Taha Marrouni (MAR) beat Mahmood Amin (EGY), Unanimous points decision
Light welterweight 64.5kg: Siyovush Gulmamadov (TJK) beat Nouredine Samir (UAE), Unanimous points decision
Light heavyweight 81.4kg: Ilyass Habibali (UAE) beat Haroun Baka (ALG), KO second round
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
