UAE customers ‘more financially savvy’
Dubai, September 24, 2012
Customers in the UAE have become more financially savvy over time, according to the results of MasterCard’s latest Index of Financial Literacy.
UAE customers increased their overall financial literacy ranking in the Middle East from 6th place in 2010 to 3rd place this year, the study showed.
In addition, UAE consumers were the most informed in the Middle East when it came to knowledge about investments, it showed.
The MasterCard Worldwide Index of Financial Literacy is based on a survey conducted from April 24 and June 10 with 11,376 respondents aged 18 to 64 in 25 countries. This is the 3rd survey of Financial Literacy conducted since 2010.
The survey polled customers on three aspects of financial literacy including their basic money management skills, investment knowledge and financial planning to determine the level of basic money management skills in terms of budgeting, savings, and responsibility of credit usage. The survey and its accompanying reports do not represent MasterCard’s financial performance, a statement from MasterCard said.
UAE customers ranked 3rd in the Middle East with a score of 61 index points in the study. Consumers in the Emirates scored well on the Index’s financial planning component (65 per cent), and were particularly well prepared when it came to saving regularly and early financial planning, the statement said.
The financial planning scores were followed by basic money management (60 per cent) and investment (57 per cent). The UAE consumers’ score for investment know-how was the highest in the Middle East, and their score for financial planning (65 per cent) was higher than the Middle East average (64 per cent).
In the investment component of the survey, consumers in the UAE showed good understanding of their financial statements and the suitability of financial products for their needs.
“It is encouraging to see that consumers in the UAE are becoming more financially aware and hence able to make responsible financial decisions for themselves and their families,” said Eyad Al-Kourdi, vice president and country manager, UAE, MasterCard Worldwide.
“Financial literacy is a key focus area for MasterCard, and we will continue to champion the cause with initiatives like the It’s My Business programme that we have launched with Injaz Al-Arab to train Arab youth in work readiness, financial literacy and entrepreneurship,” he concluded. – TradeArabia News Service
More Finance & Capital Market Stories
- Bahrain firms plan IPOs
- Serbia wins $1bn Abu Dhabi loan
- Key equity banker resigns from Saudi Fransi
- DMCC to boost Islamic commodity trade with tie-ups
- IDB, KIA units to invest in Morocco
- First Gulf to set up $1bn sukuk in Malaysia
- Singapore’s UOB Bullion and Futures joins DGCX
- Infrastructure investment ‘key to growth’
- BKIC declares 30pc dividend
- StanChart profit falls 16pc in 2013
- Veteran Saudi banker to head AMF
- Dubai World prepays $284m to creditors
- EFG-Hermes sells Damas stake to Mannai
- Ultra rich number to grow 35pc in Mideast
- Saudi IPO market 'set for big year'
- RAK 'exploring' ceramics unit stake sale
- Bahrain Bourse wins key UK award
- Alba backs Euromoney forum
- URC bond rating upgraded to stable outlook
- GCC urged to set up onshore financial centres
- Consolidation push paying off for Bahrain banks
- Mubadala to focus more on US, Europe
- Six banks join plan for shared customer data register
- UAE economy grows 4pc in 2013
- Egypt foreign reserves up to $17.3bn
- StanChart opens second branch in Iraq
- Oil below $90 to hit GCC economies
- Payfort offers zero deposit scheme to SMEs
- In a first, NCB Capital names female CEO
- Du enters $1.17 billion financing deals