SEDCO Holding, in partnership with Operation HOPE, hosted the first annual Youth Financial Dignity Summit under the banner Money and Hopes at the Jeddah Chamber of Commerce and Industry (JCCI). The summit was under SEDCO Holding’s Riyali Financial Literacy Program.

The event coincided with Global Money Week (March 10-17) — a worldwide celebration empowering children to be confident, responsible and skilled economic citizens around 117 countries.

Speakers from both the Saudi private and government sectors presented topics and discussed benefits of financial literacy at a young age. Workshops were also conducted to further drive home the value of the summit to both the individuals and the nation’s economy as a whole.

According to the latest poll conducted by the Riyali Financial Literacy Program of 1,000 youth, some 50 percent of those surveyed believe that workshops and guest speaker rounds are the best ways to learn financial skills needed to start and run a business, yet they are not aware of any local resources that provide such knowledge.

The survey also noted that though 38 percent believe that preparing a business plan is the first thing that they will do when they decide to start their own business, 62 percent don’t possess adequate financial knowledge to do that.

Moreover, 50 percent of respondents believe that the biggest challenge they will face if they decide to start their own business will be financial.

What’s more, 15 percent want to start their own business after graduation, nonetheless, they don’t have the financial knowledge required to prepare a business plan and forecast their business.

Finally, 56 percent expressed a desire to partner with someone or to take from their savings in order to start their own business, while only 17 percent explained that they would obtain a bank loan to do that.