In his book Upstream, New York Times best-selling author Dan Heath reflects on a public health parable where you and a friend are picnicking by a river and hear a shout coming from the water as a child is drowning.
Instinctively, you both jump in to save the child, but you then hear another and dive in again to the rescue, followed by another and another and so on. As you continue to rescue the drowning children, your friend wades out of the water, leaving you behind.
“Where are you going?” you ask. Your friend answers: “I’m going upstream to tackle the guy who’s throwing all these kids in the water.”
This parable exemplifies our task in teaching Gen Z how to handle money smartly and responsibly. We have to work upstream, where we can educate them about money, instil rational money behaviour and ensure that they develop a healthy mindset around it.
The problem is, as Heath says in his book, “Upstream work is hard”. It requires us to plan and prevent, rather than react and rescue.
After all, who wants to hear about stuff that didn’t happen when it’s more thrilling to hear about saving people on the brink of bankruptcy?
Upstream work, Heath says, is also “slow and maddeningly ambiguous, compared to downstream work, which is fast and tangible”.
Financially empowering Gen Z is clearly upstream work. It takes time and effort to instill sound money principles and its effects aren’t always immediately obvious and often hard to tabulate in the short term.
The need of the hour
Gen Z today spend more money than any generation before them, but grow up without any financial education whatsoever.
Earning more money without being financially educated just means spending more in the same ways they’re used to. Societies everywhere are teeming with examples of grown-ups doing this. Why should we think it will be any different with this generation?
Also, many countries have regulations in place that allow youngsters to work, but there is no correlation to these youth being more financially savvy as a result.
Simply giving them financial knowledge is ineffective. We need to consider changing their attitudes and mindset.
We need to pre-empt their resistance to change, while ensuring that they are able to absorb the lessons and implement them in their everyday lives so they feel empowered to make smart financial decisions.
Ignorance is costly
Managing money smartly isn’t something Gen Z is likely to figure out on their own. They might, but it will cost them heavily in terms of time, money and self-confidence.
This lack of confidence is the primary reason many grown-ups put off making major financial decisions, according to a research project by Principal Financial Group and behavioural economist Dan Goldstein.
It’s not the lack of money, but the lack of a right, confident mindset that being financially educated affords.
Grown-ups commonly put off saving, investing and retirement planning, for example, which has long-term detrimental effects on their financial well-being.
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Watch: the teenager and his sister launching a new cryptocurrency
Play the long game
We need to be intentional in teaching Gen Z about money. This takes time and intentional effort on everyone’s part. In a world that promotes and glorifies instant gratification, this isn’t easy, but it’s the only way that works well and for the long term.
That’s the kind of change we need for the next generation. Not fleeting and momentarily inspirational, but deep-rooted and life-changing.
Success will come, quietly but powerfully, and will reflect not only on their financial lives but in every aspect of their lives, from their relationships and career choices to their mental health and well-being. That’s how inextricably linked this issue is.
So, even though preparing the next generation to handle money well is complex, we need to commit to it.
Bringing about systemic change is always difficult, but it’s intensely worthwhile; playing the long game always is. That’s exactly why it demands our tenacity and undivided attention.
Marilyn Pinto is the founder of KFI Global
The specs
Engine: 3.8-litre twin-turbo flat-six
Power: 650hp at 6,750rpm
Torque: 800Nm from 2,500-4,000rpm
Transmission: 8-speed dual-clutch auto
Fuel consumption: 11.12L/100km
Price: From Dh796,600
On sale: now
More coverage from the Future Forum
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
Astroworld
Travis Scott
Grand Hustle/Epic/Cactus Jack
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
Countries recognising Palestine
France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
Results
6.30pm Madjani Stakes Rated Conditions (PA) I Dh160,000 I 1,900m I Winner: Mawahib, Tadhg O’Shea (jockey), Eric Lemartinel (trainer)
7.05pm Maiden Dh150,000 I 1,400m I Winner One Season, Antonio Fresu, Satish Seemar
7.40pm: Maiden Dh150,000 I 2,000m I Winner Street Of Dreams, Pat Dobbs, Doug Watson
8.15pm Dubai Creek Listed I Dh250,000 I 1,600m I Winner Heavy Metal, Royston Ffrench, Salem bin Ghadayer
8.50pm The Entisar Listed I Dh250,000 I 2,000m I Winner Etijaah, Dane O’Neill, Doug Watson
9.25pm The Garhoud Listed I Dh250,000 I 1,200m I Winner Muarrab, Dane O’Neill, Ali Rashid Al Raihe
10pm Handicap I Dh160,000 I 1,600m I Winner Sea Skimmer, Patrick Cosgrave, Helal Al Alawi
COMPANY PROFILE
Name: Cofe
Year started: 2018
Based: UAE
Employees: 80-100
Amount raised: $13m
Investors: KISP ventures, Cedar Mundi, Towell Holding International, Takamul Capital, Dividend Gate Capital, Nizar AlNusif Sons Holding, Arab Investment Company and Al Imtiaz Investment Group
Why seagrass matters
- Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
- Marine nursery: Crucial habitat for juvenile fish, crustations, and invertebrates
- Biodiversity: Support species like sea turtles, dugongs, and seabirds
- Coastal protection: Reduce erosion and improve water quality
Hamilton’s 2017
Australia - 2nd; China - 1st; Bahrain - 2nd; Russia - 4th; Spain - 1st; Monaco - 7th; Canada - 1st; Azerbaijan - 5th; Austria - 4th; Britain - 1st; Hungary - 4th; Belgium - 1st; Italy - 1st; Singapore - 1st; Malaysia - 2nd; Japan - 1st; United States - 1st; Mexico - 9th
Know your cyber adversaries
Cryptojacking: Compromises a device or network to mine cryptocurrencies without an organisation's knowledge.
Distributed denial-of-service: Floods systems, servers or networks with information, effectively blocking them.
Man-in-the-middle attack: Intercepts two-way communication to obtain information, spy on participants or alter the outcome.
Malware: Installs itself in a network when a user clicks on a compromised link or email attachment.
Phishing: Aims to secure personal information, such as passwords and credit card numbers.
Ransomware: Encrypts user data, denying access and demands a payment to decrypt it.
Spyware: Collects information without the user's knowledge, which is then passed on to bad actors.
Trojans: Create a backdoor into systems, which becomes a point of entry for an attack.
Viruses: Infect applications in a system and replicate themselves as they go, just like their biological counterparts.
Worms: Send copies of themselves to other users or contacts. They don't attack the system, but they overload it.
Zero-day exploit: Exploits a vulnerability in software before a fix is found.
UAE Rugby finals day
Games being played at The Sevens, Dubai
2pm, UAE Conference final
Dubai Tigers v Al Ain Amblers
4pm, UAE Premiership final
Abu Dhabi Harlequins v Jebel Ali Dragons
What is Diwali?
The Hindu festival is at once a celebration of the autumn harvest and the triumph of good over evil, as outlined in the Ramayana.
According to the Sanskrit epic, penned by the sage Valmiki, Diwali marks the time that the exiled king Rama – a mortal with superhuman powers – returned home to the city of Ayodhya with his wife Sita and brother Lakshman, after vanquishing the 10-headed demon Ravana and conquering his kingdom of Lanka. The people of Ayodhya are believed to have lit thousands of earthen lamps to illuminate the city and to guide the royal family home.
In its current iteration, Diwali is celebrated with a puja to welcome the goodness of prosperity Lakshmi (an incarnation of Sita) into the home, which is decorated with diyas (oil lamps) or fairy lights and rangoli designs with coloured powder. Fireworks light up the sky in some parts of the word, and sweetmeats are made (or bought) by most households. It is customary to get new clothes stitched, and visit friends and family to exchange gifts and greetings.
The bio
Who inspires you?
I am in awe of the remarkable women in the Arab region, both big and small, pushing boundaries and becoming role models for generations. Emily Nasrallah was a writer, journalist, teacher and women’s rights activist
How do you relax?
Yoga relaxes me and helps me relieve tension, especially now when we’re practically chained to laptops and desks. I enjoy learning more about music and the history of famous music bands and genres.
What is favourite book?
The Perks of Being a Wallflower - I think I've read it more than 7 times
What is your favourite Arabic film?
Hala2 Lawen (Translation: Where Do We Go Now?) by Nadine Labaki
What is favourite English film?
Mamma Mia
Best piece of advice to someone looking for a career at Google?
If you’re interested in a career at Google, deep dive into the different career paths and pinpoint the space you want to join. When you know your space, you’re likely to identify the skills you need to develop.
RESULT
Manchester United 1 Brighton and Hove Albion 0
Man United: Dunk (66' og)
Man of the Match: Shane Duffy (Brighton)
MATCH INFO
Jersey 147 (20 overs)
UAE 112 (19.2 overs)
Jersey win by 35 runs
The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
