Earvin Famarin was 17 when he started asking his parents questions about money, something that landed him in trouble.
"I used to get scolded by them when I asked how much things cost etcetera," says the 34-year-old design draftsman, who lives in Dubai’s Discovery Gardens with his wife and two-year-old son. "Some people are raised and believe that discussing money openly is frowned upon, without logic."
I am open to people about how much I earn, my savings and the investments I have.
Typically, he says, Filipinos are not comfortable discussing money.
"Even with friends and colleagues, most are reluctant to talk about investing, business ideas, financing, economics. As I grew older, I came to realise that that is nonsense," he says. "Discussing money creates awareness and clears confusion.”
While Mr Famarin's experience is very much in line with his Filipino culture, talking about money is still the last taboo for many nationalities around the world. However, with many families across the globe now affected financially by Covid-19, there has never been a greater need to open up to others.
In her 2019 book Open Up, author Alex Holder says while talking about money with her friends after university was the norm, offering insights into what to expect salary-wise in a chosen industry and at a certain level, this changed over time.
"As we slowly peeled away from each other and into different industries, some of us earning more, some earning less, money became a shameful subject," she says.
"Perhaps it’s because people can literally be placed in a pecking order of highest earner to lowest that we stopped sharing what we earned. No one wanted to feel that they were in a league table with their friend and subject themselves to that kind of direct comparison, so money became a subject to skirt around. The more complicated our lives got, the more it solidified into a taboo subject.”
A third of Americans say it's taboo to talk about money in social settings, according to a 2018 Harris Poll of over 1,000 US adults commissioned by online broker TD Ameritrade.
Thirty-six per cent of respondents named student loan debt the most uncomfortable financial topic to discuss, followed by childcare expenses and living pay cheque to pay cheque.
“The fear of being perceived as a failure is the number one reason millennials don't openly discuss the topic," TD Ameritrade says in the report.
Mr Famarin says despite receiving a 35 per cent reduction in his April salary due to Covid-19, he feels he can cope because he has six months’ worth of emergency funds stashed away.
“I openly discuss this with my family and am also open with friends, as some can use it to open up and it could be a means to cope with the situation," he says. "I am open to people about how much I earn, my savings and the investments I have."
Mr Famarin says talking about money has also allowed him to learn more about investing, stock trading, passive income, protecting assets and living below your means.
“I always talk about money and planning with my spouse and siblings and am very happy that they are receptive,” he says. “I have a niece who recently joined the workforce and was able to save sizeable amounts last year. She asks for my advice once in a while."
Mr Famarin hopes to teach his son about the concept of money in the future because it was "something my parents did not talk about with me as a child".
However, while Mr Famarin has thrown off his societal norms in his 14 years in the UAE. His attitude is not standard either here or elsewhere: some married couples may not know a number as simple as each other’s salary.
Only about one in 10 Americans would feel comfortable talking about how much they earn at a dinner party, according to a 2018 poll by US credit repair company Lexington Law of some 3,000 adults. Only one in five say they would ask a friend their salary.
Deno Chapman, a 51-year-old British airline maintenance manager who lives in Dubai Silicon Oasis with his wife, says he has “complete transparency” with his spouse and three adult children, particularly when it comes to his will, investments and retirement planning.
He is also “completely open” with the friends he has made in his 10 years in Dubai, about investments, pension provisions and “even debt”.
However, he is reticent to talk money with friends or family at home in the UK. “It’s situational for everyone,” he says. “Some of my family, absolutely. Others? No."
While Mr Chapman has been given a three-month, 50 per cent pay cut due to the coronavirus outbreak, he says it hasn't impacted him financially.
"A pillar of financial planning is an emergency fund located away from the domiciled country," he says. "Luckily I did do that so am hoping I can ride this out without delaying rent payments. Again, I have been 100 per cent transparent about this with my kids and parents"
He also shares details of his salary and bonuses with his mother, a 75-year-old retiree, but retirement provisions are “complex issues”. “I keep it to a framework that someone working from the sixties to the nineties can relate to,” he says.
With his siblings, three brothers and a sister, Mr Chapman says he would feel uncomfortable discussing his salary outside of ballpark figures.
"It would feel vulgar to me. Living in Dubai seems to compound this. Despite me working very hard and long hours, people back home do sometimes think it’s a rock star lifestyle," he says.
“If asked by them, ‘What do you earn?’ or ‘How much do you save?’, obviously I’d be truthful – but I wouldn’t volunteer the information, for modesty’s sake.”
Demos Kyprianou, a board member of SimplyFI, a non-profit community of personal finance and investing enthusiasts in Dubai, says money problems such as differing financial goals or "bad" spending habits are one of the main causes of divorce – and leave children “susceptible to replicating their parents’ mistakes".
“A family that discusses and thereby aligns their goals is much better off,” he says. “In regard to friends, one can only respect their boundaries. It also depends on the subject. It also depends on the culture, as to what is socially acceptable."
Showing off what you earn, however, is "crass", says Mr Kyprianou. "But if you have a friend who got into a horrific savings plan, one might share their opinion and try to help,” he adds.
Likewise, Mr Chapman says he would never discuss wages with colleagues but says it is “startling” how many are over 40 but have not made provisions for a pension. He adds: “I regularly encourage discussion on investment and retirement planning, in the hope I can help them avoid some of the pitfalls I fell for, arriving in Dubai.”
British personal finance author Ms Holder says that money is just one currency in life and that the social code dictating that we should not talk about it was “invented by the richest of society” as the “privilege of the wealthy”.
Before she began discussing financial issues with friends, she says, conversations felt “inauthentic” because the “money-related parts of the story were missing” and she found she knew more about celebrities’ wealth than, for instance, her sister’s salary – which you might need to know when planning a holiday together.
With the wealth gap between richest and poorest increasing, she says, talking about money and spending could be an “important start” to fixing the inequality, as well as breaking the money habits and beliefs learnt from our parents and the world we grew up in, which otherwise remain “unchallenged”.
She now even publishes her annual income on her Instagram feed: £101,000 (Dh459,700) last year, more than 60 per cent coming from advertising work and the rest editorial, podcasting, speaking, social media and her book advance.
Mr Chapman says conversations with his three children – an 18-year-old son studying at university and two daughters, aged 25 and 27, have not been “too in-depth so far”.
“It’s hard engaging young people on financial issues,” he says. “I know I wasn’t over-interested at their ages but, as each gets older they’re more receptive to discussion.
"I think, with the girls, they’re more concerned for my financial welfare than theirs after three divorces. More like a, ‘Dad, are you going to be able to retire?’ conversation," he adds. "But as long as we are talking about it, that’s good.”
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
MATCH INFO
Inter Milan v Juventus
Saturday, 10.45pm (UAE)
Watch the match on BeIN Sports
RIDE%20ON
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Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
What are the GCSE grade equivalents?
- Grade 9 = above an A*
- Grade 8 = between grades A* and A
- Grade 7 = grade A
- Grade 6 = just above a grade B
- Grade 5 = between grades B and C
- Grade 4 = grade C
- Grade 3 = between grades D and E
- Grade 2 = between grades E and F
- Grade 1 = between grades F and G
The Lost Letters of William Woolf
Helen Cullen, Graydon House
Pathaan
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UAE currency: the story behind the money in your pockets
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
The results of the first round are as follows:
Qais Saied (Independent): 18.4 per cent
Nabil Karoui (Qalb Tounes): 15.58 per cent
Abdelfattah Mourou (Ennahdha party): 12.88 per cent
Abdelkarim Zbidi (two-time defence minister backed by Nidaa Tounes party): 10.7 per cent
Youssef Chahed (former prime minister, leader of Long Live Tunisia): 7.3 per cent
THE SPECS
Engine: Four-cylinder 2.5-litre
Transmission: Seven-speed auto
Power: 165hp
Torque: 241Nm
Price: Dh99,900 to Dh134,000
On sale: now
Visa changes give families fresh hope
Foreign workers can sponsor family members based solely on their income
Male residents employed in the UAE can sponsor immediate family members, such as wife and children, subject to conditions that include a minimum salary of Dh 4,000 or Dh 3,000 plus accommodation.
Attested original marriage certificate, birth certificate of the child, ejari or rental contract, labour contract, salary certificate must be submitted to the government authorised typing centre to complete the sponsorship process
In Abu Dhabi, a woman can sponsor her husband and children if she holds a residence permit stating she is an engineer, teacher, doctor, nurse or any profession related to the medical sector and her monthly salary is at least Dh 10,000 or Dh 8,000 plus accommodation.
In Dubai, if a woman is not employed in the above categories she can get approval to sponsor her family if her monthly salary is more than Dh 10,000 and with a special permission from the Department of Naturalization and Residency Dubai.
To sponsor parents, a worker should earn Dh20,000 or Dh19,000 a month, plus a two-bedroom accommodation
Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
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The bio
Date of Birth: April 25, 1993
Place of Birth: Dubai, UAE
Marital Status: Single
School: Al Sufouh in Jumeirah, Dubai
University: Emirates Airline National Cadet Programme and Hamdan University
Job Title: Pilot, First Officer
Number of hours flying in a Boeing 777: 1,200
Number of flights: Approximately 300
Hobbies: Exercising
Nicest destination: Milan, New Zealand, Seattle for shopping
Least nice destination: Kabul, but someone has to do it. It’s not scary but at least you can tick the box that you’ve been
Favourite place to visit: Dubai, there’s no place like home
Reputation
Taylor Swift
(Big Machine Records)
Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Six large-scale objects on show
- Concrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
- The 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
- A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
- Frank Lloyd Wright’s 1930s Kaufmann Office
- A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century
- Torrijos Palace dome
A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
Three trading apps to try
Sharad Nair recommends three investment apps for UAE residents:
- For beginners or people who want to start investing with limited capital, Mr Nair suggests eToro. “The low fees and low minimum balance requirements make the platform more accessible,” he says. “The user interface is straightforward to understand and operate, while its social element may help ease beginners into the idea of investing money by looking to a virtual community.”
- If you’re an experienced investor, and have $10,000 or more to invest, consider Saxo Bank. “Saxo Bank offers a more comprehensive trading platform with advanced features and insight for more experienced users. It offers a more personalised approach to opening and operating an account on their platform,” he says.
- Finally, StashAway could work for those who want a hands-off approach to their investing. “It removes one of the biggest challenges for novice traders: picking the securities in their portfolio,” Mr Nair says. “A goal-based approach or view towards investing can help motivate residents who may usually shy away from investment platforms.”
ONCE UPON A TIME IN GAZA
Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi
Directors: Tarzan and Arab Nasser
Rating: 4.5/5
The biog:
From: Wimbledon, London, UK
Education: Medical doctor
Hobbies: Travelling, meeting new people and cultures
Favourite animals: All of them
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WITHIN%20SAND
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Profile box
Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
COMPANY PROFILE
Name: Akeed
Based: Muscat
Launch year: 2018
Number of employees: 40
Sector: Online food delivery
Funding: Raised $3.2m since inception
