The average adult literacy rate is only 38 percent in the UAE
Dubai, UAE: Bas Kooijman, CEO and Asset Manager of DHF Capital S.A. shares his insights on the importance of financial literacy in the UAE- which is at only 38% according to a recent article by Dr Kashif Saleem, Associate Professor Finance and Accounting University of Wollongong in Dubai. The United Arab Emirates (UAE) has become a hub for business and financial activities in recent years, attracting investors and entrepreneurs from all over the world. However, despite its flourishing economy, many people struggle with managing their finances effectively.
Adopting easy strategies can help ensure financial growth and stability for individuals and businesses alike in the UAE. The first step towards financial growth is setting realistic economic goals; This involves creating a budget and sticking to it, as well as determining a clear plan for saving and investing. A budget can help individuals and businesses monitor their income and expenses, identify areas for improvement, and make adjustments as necessary.
In addition to budgeting, it is important to invest wisely. This means understanding the risks and rewards of different investment options and choosing those that align with personal financial goals. The UAE offers a range of investment opportunities, including stocks, real estate, and cryptocurrencies, among other options. It is advisable to seek guidance from a financial expert or do thorough research before making any investment decisions.
Another key strategy is to focus on debt management. Credit cards and personal loans can be useful tools, but they can also lead to excessive debt if not used responsibly. To avoid this, individuals and businesses should limit their borrowing to what they can afford to pay back, prioritize paying off high-interest debts first, and negotiate for lower interest rates where possible.
Bas Kooijman, CEO and Asset Manager of DHF Capital S.A., commented: “Financial literacy is a crucial part of the growth and development of any country. UAE, specifically, is one of the countries that can benefit most from this, in large part because of its potential, as the economy is one of the fastest expanding in the world, and the second highest in GCC. It has already made great strides by increasing the financial literacy from what was 30.7% at the beginning of the year to now 38% which is a testament to the efforts and hardwork that our leaders and education systems are always looking to implement and improve on. We expect this to be an increasing trend over the next few years as the need to improve and keep prospering is always a goal for our country’s leaders across all its sectors. By staying informed and updated on the financial landscape, individuals and businesses can make informed financial decisions and adjust their strategies as needed through various key factors, such as monitoring market trends, staying informed about tax laws, and keeping an eye on interest rates.”
Adopting easy strategies can go a long way towards ensuring financial growth and stability in the UAE. Setting realistic financial goals, investing wisely, managing debt, and staying informed are all crucial components of a successful financial plan. With a little effort and discipline, individuals and businesses can achieve their financial goals and thrive in the UAE’s dynamic economy.
About Bas Kooijman:
Bas Kooijman is the CEO and Asset Manager of DHF Capital S.A, a securitisation firm for financial services which he co-founded in 2020. Entrepreneurial from a young age, Bas has worked in the technology industry, building a telecom company, and later Brokerteam, a wholesale telecom company. In 2015, he sold the latter and transitioned into finance. Over the past seven years, Bas’ expertise as a professional trader has built wealth for countless individuals and companies. In his pursuit of making wealth creation more accessible and affordable for all, he has also become a published author of “Trading and Investing” to accelerate this vision.