UAE - 14 March 2010: An overwhelming number of education professionals polled1 in the UAE believe that basic financial literacy skills are essential for young people today and would like to see the fundamentals of money management taught in schools, according to a recent survey carried out by Visa, the leading payment solutions provider.
More than 100 teachers from across the UAE were polled in the lead up to GESS, the region's premier education show, about current provisions for teaching pupils about money management. A staggering 73% of teachers polled admitted that schools did not currently teach basic money skills as part of the curriculum.
However, when asked if they thought financial understanding was important for young people to acquire, a resounding 92% of education professionals believed it should be made compulsory for all school leavers. A further 95% of those taking part in the survey stated that they would like to start teaching financial literacy in their school and incorporate it into the curriculum.
Lama Kabbani, Corporate Communications Manager for Visa in the Middle East, said: "Visa believes the most important financial tool is not a product — it is knowledge. That is why, for more than a decade, Visa has been developing financial literacy programs that teach individuals how to spend, save and budget responsibly. Already this year Visa has launched in the UAE its regional financial literacy website, www.mymoneyskills.me which will form the cornerstone of our financial literacy efforts in 2010. The Middle East is a priority market for Visa, which is why it is one of the first regions to launch Financial Football."
"By harnessing the popularity of the world's most popular sport, Visa has created the FIFA World Cup themed "Financial Football," a fast-paced educational video game which can be played on line via the mymoneyskills.me website, we hope to provide teachers with an engaging and interactive tool with which to teach the fundamentals of money management."
Unveiled at GESS 2010 in Dubai, Visa's dedicated financial literacy website in the Middle East is a core part of the company's global commitment to reach 20 million people worldwide with financial literacy information by May 2013.
Providing fundamental personal finance information in both Arabic and English on topics such as learning how to plan a budget, preparing for the future, using a credit card wisely and spending responsibly, MyMoneySkills and Financial Football form an engaging platform for young people, families and schools to improve their financial literacy skills.
To find out more information on financial literacy and play the Financial Football game please visit: www.mymoneyskills.me.
About Visa Inc.
Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the world's most advanced processing networks—VisaNet—that is capable of handling more than 10,000 transactions a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank, and does not issue cards, extend credit or set rates and fees for consumers. Visa's innovations, however, enable its financial institution customers to offer consumers more choices: Pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit usa.visa.com/about-visa/our_business.html.
Visa: Eleanor Jack, d'pr - Tel: +971 4 344 4901 or +971 50 1033 161 email: email@example.com
A total of 130 education professionals were surveyed online in the lead up to GESS (23-25 February 2010) for the duration of one week.
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