SEDCO Holding Group recently partnered with Souqalmal.com to increase the financial education and awareness among Saudi youth and empower them with the personal financial skills required to achieve a desirable standard of living in the 21st century.
With more than 50 percent under the age of 30, this rapidly-growing young and highly connected population will need to make sound financial decisions in an increasing digital world to ensure financial inclusion.
Seeking to instill financial education, this collaboration involving Riyali, SEDCO Holding’s financial literacy program, aims to bring on board a wealth of financial knowledge, courses, and tools in a seamless and a more user-friendly way using digital and social media channels.
According to the latest figures from the Saudi Arabian Monetary Agency (SAMA), the total number of consumer loans in the Kingdom reached SR334 billion at the end of Q1, 2016 when compared to the same quarter last year, representing a 6 percent increase. With consumer credit expected to grow, it has become more important to inculcate financial education.
The results of various independent surveys revealed the dearth of financial literacy among Saudis. A survey conducted by SEDCO Holding showed that only 11 percent of young Saudis keep track of their spending despite 75 percent claiming they understood the basics of money management.
Amr Banaja, VP, marketing and corporate responsibility, SEDCO Holding Group, said it is critical for the Saudi youth to learn the ropes in managing finances. “Financial education is an integral part of SEDCO Holding’s commitment to its CSR programs to ensure positive change and sustainable development in the Saudi community.”
Ambareen Musa, CEO of Souqalmal.com, said: “Education plays a vital role in helping consumers know their financial rights and obligations. As a financial comparison site, Souqalmal.com helps consumers compare financial products offered by banks in Saudi Arabia.”
With more than 50 percent under the age of 30, this rapidly-growing young and highly connected population will need to make sound financial decisions in an increasing digital world to ensure financial inclusion.
Seeking to instill financial education, this collaboration involving Riyali, SEDCO Holding’s financial literacy program, aims to bring on board a wealth of financial knowledge, courses, and tools in a seamless and a more user-friendly way using digital and social media channels.
According to the latest figures from the Saudi Arabian Monetary Agency (SAMA), the total number of consumer loans in the Kingdom reached SR334 billion at the end of Q1, 2016 when compared to the same quarter last year, representing a 6 percent increase. With consumer credit expected to grow, it has become more important to inculcate financial education.
The results of various independent surveys revealed the dearth of financial literacy among Saudis. A survey conducted by SEDCO Holding showed that only 11 percent of young Saudis keep track of their spending despite 75 percent claiming they understood the basics of money management.
Amr Banaja, VP, marketing and corporate responsibility, SEDCO Holding Group, said it is critical for the Saudi youth to learn the ropes in managing finances. “Financial education is an integral part of SEDCO Holding’s commitment to its CSR programs to ensure positive change and sustainable development in the Saudi community.”
Ambareen Musa, CEO of Souqalmal.com, said: “Education plays a vital role in helping consumers know their financial rights and obligations. As a financial comparison site, Souqalmal.com helps consumers compare financial products offered by banks in Saudi Arabia.”
