A recent nationwide survey conducted by SEDCO Holding on behalf of its financial literacy program, Riyali, revealed parents’ views on the importance of early age teaching of solid financial values and habits among their children in various financial domains, such as saving and budgeting. This survey was conducted due to the large financial illiteracy found within many of the communities and focused on parents’ outlook toward their children’s financial and spending habits.

It revealed that 86 percent of respondents believe financially educating children is important, while 79 percent believe that money habits should be taught before the age of 12. This is achievable through encouraging children to devote part of their daily allowance toward savings, as well as through scholastic curriculums, which include educational material dedicated toward teaching children the value of saving money. Only 20 percent of respondents think that schools are providing adequate financial knowledge to children.

Amr Banaja, vice president of marketing and communications at SEDCO Holding, said: “We, here, at SEDCO Holding, understand the needs of the Saudi market and are working to meet those needs through specialized programs which encourage financial literacy through various activities, including sound financial planning, saving and investing techniques and tips on how to take advantage of financial loans.”

He added: “We believe that the process of changing behavior and habit is a lengthy one. For this purpose, the Riyali program currently focuses on youth through the implementation of various programs for collegiate-level students. This is in addition to the fact that we are studying other segments of society in order to develop future programs.”

Riyali, one of the leading programs to have contributed to the strengthening of financial awareness among youth, is part of SEDCO Holding’s social responsibility program. It has helped in the development of financial skills among the youth and provided them with sound financial knowledge, thus enabling them to carry out more responsible roles.