Injaz Al-Arab and HSBC have launched a joint initiative “Saving for Good” to upskill 1,950 low-income workers through financial literacy programmes aimed at alleviating job market challenges. 

 

The initiative was launched during a digital event on August 16 and will be rolled out across the GCC and Egypt. 

 

With the Covid-19 pandemic leading to abrupt job losses, leaving individuals with little resources to sustain themselves, “Saving for Good” aims to empower low-income workers to ensure their readiness to respond to crises such as Covid-19 in the future. The initiative will focus on helping them open bank accounts, instill saving habits and learn how to manage those savings. 

 

The virtual panel “Building Better: The Importance of Financial Literacy for Low-Income Workers in The Arab World” launched the programme and revealed the nature of its implementation in the targeted countries: Bahrain, Kuwait, Qatar, Saudi Arabia, UAE, and Egypt. 

 

The partnership, built on HSBC’s objectives of securing the well-being and the future of all members of the community, plans to reach 9,750 indirect beneficiaries and help 30% to 35% of the total participants open saving accounts by the end of the programme.

 

Commenting on the initiative, Akef Aqrabawi, President & CEO of Injaz-Al Arab, said: “We are pleased to collaborate with HSBC on this educational initiative. “Saving for Good” embodies our shared core values and aims to empower the workforce to handle the inevitable job shifts and fast-paced changes within the job market through sound financial know-how and other essential skills. We know that small measures such as routine saving and prudent management of funds can help create a robust buffer during vulnerable times.” 

 

“Through partnerships with the private and government/semi government sectors as well as financial partners, we have a strong base to enhance the reach of our initiative across the GCC and Egypt and provide the required support to our beneficiaries,” he added. 

 

As part of the Future Skills Sustainability Strategy of HSBC that focuses on employability and financial capability, the programme aims to improve the quality of life of low-income workers, which in turn has a positive long-term impact on their nation’s economy.

 

Hana Sarwani, Executive Director of Injaz Bahrain commented: “The launch of the Saving for Good initiative reflects on our mission in supporting and empowering Bahraini youth with essential financial skills to tackle challenges of the real business world.  The initiative will bridge the financial literacy knowledge gap among individuals in the Bahraini market by delving into strategies young people can use in building strong money management skills which comes in handy during challenging times. The programme will commence soon and will target 250 low-income workers at various organisations including public and private entities.”

 

Sabrin Rahman, Head of Sustainability, HSBC EMEA, said: “Low-income individuals around the world and particularly in the Middle East are highly vulnerable to social upheaval and economic shocks, as they are often the least prepared. With the added context of the global pandemic, it is increasingly important that everyone has access to support that will help to strengthen their resilience to future shocks and stresses, without compromising their welfare.

 

“Evidence suggests that well-designed financial products and services play an important role in increasing resilience by guiding on areas such as risk, savings and investment in addition to future planning. This is exactly what we are aiming to achieve through Saving for Good.” -- TradeArabia News Service