Can SmartPocket Revolutionise Student Savings in the UAE?
A Growing Need for Financial Literacy Among Youth
Do you know that many young adults in the UAE lack basic financial literacy? According to a study conducted by the UAE's Ministry of Education, nearly 50% of students feel unprepared to manage their finances after graduation. This gap in financial knowledge can lead to poor financial decisions, high debts, and decreased economic stability for individuals and families alike.
Offering Digital Financial Literacy
As financial literacy takes center stage in modern economies, the introduction of a new educational app in the UAE comes at an important moment. According to the latest S&P Global FinLit Survey, only 33 percent of adults – 35 percent of men and 30 percent of women – worldwide are financially literate!
The innovative SmartPocket app, not only provides a wealth of educational resources to students, but also promotes financial responsibility in them through real-time data into their purchasing trends.
About the Founders
Co-founded by student entrepreneurs Najib Mikati and Naji Faqihinejad, SmartPocket is tailored for students aged 12 and above. Najib is a senior at the American School of Dubai, while Naji is a freshman at The George Washington University.
The ‘Savings’ Approach
In the words of Naji, "Savings doesn't have to be boring!"
A standout feature of this financial education app is its ability to set 'savings goals' related to users' lifestyles. This 'gamified' approach allows users to earn badges and rewards through savings challenges, and take charge of their personal finances.
Targeting Student Financial Habits
With tools for daily expense tracking and safety, students can categorise spending, allocate income wisely, and understand their financial habits. The platform simplifies complex budgeting concepts, empowering students to visualise their finances.
As they gain savings knowledge, students are likely to become patrons of local businesses, benefiting small and medium enterprises by fostering a younger consumer base. This ultimately facilitates engagement with more community enterprises.
Commitment to Supporting Local Consumerism
SmartPocket not only empowers students but it also cultivates informed consumers. As they learn smart saving habits, they are more inclined to support local businesses, enriching the economy. This leads to responsible consumerism by helping users appreciate the value of their money
Aligning with the Long-Term Vision
In addition to savings features, the financial literacy app provides valuable educational resources, including financial literacy articles, engaging videos, and practical tips. These tools promote student engagement, enabling them to track and wisely use their savings, leading to more meaningful interactions with the economy.
Future-Proofing the UAE
For the tech-savvy students, this could be the tool that they’ve been waiting for. Its lessons are universal: beneficial for the youth population interested in mobile solutions, supports the government's financial literacy initiatives such as UAE Sustainable Finance Framework 2021 - 2031, and engage this demographic, helping them develop sound financial habits early on.
