Startup Spotlight: Dubai-Based Sav Is Helping UAE Residents Take Better Control Of Their Savings And Spendings – Entrepreneur

Startup Spotlight: Dubai-Based Sav Is Helping UAE Residents Take Better Control Of Their Savings And Spendings – Entrepreneur

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The need for better financial literacy and personal finance knowledge has long been a topic that has circulated among the UAE's residents. It is, after all, a discourse worth having in a country where 23% of the population is saving nothing out of its annual income, as per a joint study done by HSBC and UAE-based home services booking app ServiceMarket. The same study also shows that only 27% of UAE's residents save more than 20% of their annual income. "The GCC is a consumptive market- over 70% of young households in the GCC today feel the pinch of rising debt burdens and miniscule personal savings," explains Purvi Munot, co-founder and CEO of UAE-based fintech startup Sav. "The increasing avenues of lifestyle spending are causing young earners to spend beyond their means, and to borrow more than they can ever pay back. This behavior is becoming common across age and income bands. The common denominators here have been the lack of financial awareness and access to relevant money management products that keep such young earners from being in complete control of their savings and spending."

Sav

Purvi Munot, co-founder and CEO, Sav

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