Financial literacy programme aimed at youth launched

Abu Dhabi Commercial Bank has joined forces with the Emi­rates Foundation to boost levels of financial literacy among the country’s youth.

The joint initiative will involve experts from ADCB and the Emirates Foundation, which promotes UAE youth empowerment, offering free counselling and advice through the bank’s branches on skills and topics that include household budgeting, sensible borrowing, how to reach savings goals and general money management.

“We firmly believe in the impor­tance of ensuring that customers understand how their finances work,” said Ala’a Eraiqat, ADCB’s chief executive.

“The banking industry has an obligation to aid that understanding through financial literacy programmes and encouraging responsible money management.”

The Emirates Foundation launched the first UAE-wide financial literacy programme – Esref Saf, or Spend Right – in 2013.

The initiative was launched because research has shown that financial illiteracy is a barrier to entrepreneurial activity in the UAE.

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