Financial opportunity: Join the financial influencer program in the UAE; applications for the financial literacy initiative are now open
The United Arab Emirates (UAE) has taken a significant step towards financial literacy and independence with the launch of the Youth Financial Advisors Programme. This comprehensive initiative, spearheaded by the Federal Youth Authority in partnership with the Central Bank of the UAE and the Securities and Commodities Authority (SCA), aims to train young Emiratis to become expert financial advisors.
The programme, which is part of the National Youth Agenda 2031 under the ‘Economy’ pillar and the Emirates Youth Professional School initiative, has ambitious objectives. These include promoting financial awareness, supporting youths' path to financial independence, encouraging saving and investing, preparing a generation of financial advisors as role models, and creating career paths aligned with youth aspirations and the labor market.
The four-month intensive training offers over 30 hours of education through seven core modules. These include financial literacy fundamentals, monetary economics, entrepreneurial finance, and investment strategies. The programme features hands-on workshops, visits to financial institutions, and hackathons to inspire innovative financial solutions.
Eligibility for the programme requires UAE nationality, university degrees in business, finance, economics, or law, plus a minimum of one year of relevant experience. Alternatively, candidates without the specified degrees can have three years of experience in financial services. Strong communication skills and proficiency in Arabic and English are mandatory.
Upon successful completion, graduates receive three credentials: a Federal Youth Authority certificate of completion, registration as a Financial Influencer by the SCA, and a Central Bank Financial Literacy Trainer certification. Graduates then volunteer to conduct training sessions aimed at spreading financial education and building a national network of qualified financial consultants.
The first 10 authorized finfluencers have already been revealed, and registration for the programme is now open for UAE nationals aged 25-32 years old. The programme aims to enhance participants' knowledge and capabilities to manage finances, laying foundations for a stable future.
The UAE's move comes at a time when financial literacy among residents stands at 30.7 per cent, significantly below other international players. Recent studies indicate that 50 per cent of UAE residents spend more than they earn, while over 60 per cent are in debt, primarily due to credit card and personal loan expenses.
Dr Sultan bin Saif Al Neyadi, UAE Minister of State for Youth Affairs, stated that promoting financial literacy among young people is a primary element of the national strategy. The Youth Financial Advisors Programme addresses these challenges by providing a comprehensive training programme that equips young Emiratis with the skills and knowledge needed to navigate the financial landscape.
The UAE has also mandated a licence for finfluencers, which is expected to reduce misinformation. The programme's graduates, upon completion, will be authorized finfluencers, further strengthening the credibility of financial advice given to the public.
Young Emiratis, in particular, are spending around Dh2,000 monthly and females Dh1,656, significantly higher than their expatriate peers at Dh1,152 and Dh606, respectively. The programme aims to empower these young individuals to make informed financial decisions, leading to a more financially secure future.
In conclusion, the Youth Financial Advisors Programme is a significant step towards financial literacy and independence for young Emiratis. By providing comprehensive training and equipping young individuals with the necessary skills and knowledge, the programme aims to create a generation of financial advisors who can serve as role models and inspire financial responsibility among their peers.
- The Youth Financial Advisors Programme, a significant initiative in the UAE, not only aims to train young Emiratis as expert financial advisors but also encourages them to become role models in promoting financial awareness and responsible decision-making.
- The UAE is actively addressing the issue of financial literacy among residents, particularly among young Emiratis, with monthly spendings around Dh2,000 for males and Dh1,656 for females, which is significantly higher than their expatriate peers.
- The programme, part of the National Youth Agenda 2031 and the Emirates Youth Professional School initiative, offers over 30 hours of education through seven core modules, including financial literacy fundamentals, entrepreneurial finance, and investment strategies.
- In the business world, the UAE is also focusing on education and self-development, as indicated by the programme's eligibility requirements in business, finance, economics, or law, or three years of experience in financial services.
- The influence of the programme's graduates extends beyond the training sessions, as they are authorized finfluencers who volunteer to conduct training sessions aimed at spreading financial education and building a national network of qualified financial consultants.
