Financial literacy is crucial for both adults and children. Celine Khattar, Dina Shoman, Ashim Egunjobi, Bilal Abou-Diab, and Amelie Arras discuss its significance in the digital age, highlighting FinTech's role in wealth management, the need for financial literacy solutions in emerging markets, the democratization of investment opportunities, early education, and the importance of financial savviness in the UAE for better decision-making and economic improvement.
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HIGHLIGHTS
(0:20) Financial Literacy and Wealth Management in FinTech
(4:38) Financial Literacy Education for Budgeting Saving Investing
(13:42) Financial Literacy for All with Generative AI
(17:05) Financial Literacy Wealth Management Cultural Influences
(21:46) Financial Literacy in Emerging Markets Wealth Management Investment
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QUOTES
"Financial literacy is pretty much the same in both. But the we need to think about what's the purpose of financial literacy, it's to learn how to manage our money so that we can have more choices to live the life we want to live."
"Financial literacy is all about we work very hard to make money and create wealth. But then, once we have its financial literacy is how to manage it, how to manage your savings, how to invest how to reach your financial objectives."
"So starting the process as early as possible, and ideally with kids is actually what you want to do to teach them the basics so that when they are exposed and have access to these financial tools, they make better financial decisions for themselves to grow their wealth over time."
"You can actually start from as young as three or four years old, you can teach kids that age, very basic skills."
"The problem in the digital world as well as the fact that there's a lot of opinions. And I think back to the trend, one of the trends that's coming now is I think that's one of the benefits of generative AI is generative AI as a, sometimes a sounding board."
"So it's really, really key that we actually move financial literacy ahead, that we utilize the products, the solutions that we have out there that we're building, or that we're investing in, and actually ensure that we look at well, what is the impact that we're creating with these?"
"I think it's hard to measure. I think it takes like a big project to do that. And you know, you've had like financial literacy surveys and so on that you can do, but it's only a sample, right?"
"Financially savvy people make better decisions in their lives, hopefully, not get into debt and financial trouble overall. And therefore being able to build their wealth over time to live the life that they want."
"Data suggests that financial net wealth in the UAE so amongst adults, is 85% cash. So if you look at that, and you walk around, I think step conferences are a great place to ask that question."
"I think it's our responsibility. As you know, FinTech as an ecosystem, it's our responsibility to speed that time up as much as possible."
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