33% of the world is financially literate; the UAE scores 30.7%

33% of the world is financially literate; the UAE scores 30.7%

- About 3.5 billion adults worldwide lack an understanding of basic financial concepts

- Global data shows that only 35% of men and 30% are women are financially literate

Dubai, UAE – Bas Kooijman, CEO and Asset Manager of DHF Capital S.A., cites that the UAE’s financial literacy rate of 30.7%[1] will require further proactivity to catch up to leading nations; Denmark, Norway, Sweden, Canada, the United Kingdom, Germany, Australia, and Finland, boast financial literacy rates ranging between 63% and 71%[2].

Global data shows that 35% of men, and 30% of women, are financially literate[3]; this world average of 33% indicates deep disparity and calls for global concern. With inflation rates rising, a recession looming, and the possibility that cryptocurrencies may replace fiat money, the importance of improving financial education has never been more evident.

The UAE has accordingly taken actionable steps toward educating its population. In 2020, the country rolled out the Ghaya initiative to support UAE nationals and their ability to contribute to the nation’s economic growth. This program was announced shortly after a 2019 financial literacy survey found that 43% of UAE respondents 16 and 24 years old felt unready to manage their own money, and 53% said schools didn’t prepare