Five ways to get your finances back in shape

Five ways to get your finances back in shape

DUBAI, UAE: As we approach the end of H1 2023, there is an increased discussion about a global rise in employment layoffs, market volatility, and compromised financial security. Despite the range of resources now available to us, the statistics around financial literacy worldwide are grim with only 35 per cent of men and 30 per cent of women being considered financially literate.

The Arab Youth Survey results in 2022 revealed that Arabs aged between 18 and 24 have chosen the UAE as the top destination to live in, beating the US, Canada, France, and Germany due to job opportunities, education quality, and preservation of cultural traditions. However, it is also worth noting that the UAE is also facing an increasing amount of residents with crippling finances due to a lack of financial literacy, overspending, and a prevalent culture of expensive lifestyle purchases such as luxury apparel, technology, entertainment, and costly eating habits.

Damian Hitchen, CEO of Saxo Bank MENA, believes financial fitness is essential for everyone, regardless of age or gender. “Financial literacy is key to not only ensure the protection of funds, but also has a direct effect on mental health. The UAE is home to a multicultural mix of nationalities