While financial literacy is growing into a key component of the contemporary economy, the UAE sees an innovative practice in the making in its pursuit of improving students’ financial literacy. That is why there is SmartPocket – the application that is designed to take learning to the next level, preserve student’s money, and help them manage it properly. The next-generation app, with the mission of empowering students and transforming the concept of finance learning in the UAE, provides a possibility to manage personal finances easily thanks to the developed interface.
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A Growing Need for Financial Literacy
Emerging research underscores the need for improving financial literacy of young people. The survey by UAE Ministry of Education revealed that only 50% of the students are financially literate to address their financial requirements after the completion of their study.
Lacking the essential information, which is mostly learned during the childhood and adolescence, young adults are exposed to making a financially unhealthy decision, accumulating more debt and consequently, having unstable fiscal future.
Providing Digital Financial Education
When financial literacy is becoming increasingly relevant for modern economies, their inhabitants, and small investors, the appearance of a new educational app in the UAE may be considered timely. The current S&P Global FinLit Survey suggests that only 33% of adults or 35% of men and 30% of women globally possess financially literate.
Actual example of the SmartPocket app including such features for students: Due to developing the SmartPocket app, they get access to numerous educational materials as well as become financially responsible since this application turns them into the targeted audience receiving real-time data into their purchasing behavior.
About the Founders
SmartPocket is specifically for students interested in student entrepreneurship aged 12 and above, created by Najib Mikati and Naji Faqihinejad. Najib is a high school student in the American School of Dubai and Naji is a college student in The George Washington University.
SmartPocket is an application that would change the perspective of youth in the UAE to managing money. Their collaborative vision was to build a system that combines monetary literacy with systematic learning to help people find learning about money easy, fun and effective.
The ‘Savings’ Approach
‘Savings doesn’t have to be boring!’ says co-founder Naji. One of the most striking features of this financial application is the ’savings goal’ setting connected with users’ lifestyles. This ‘gamified’ approach gives tangible incentives in the form of badges and rewards for completion of saving challenges, as well as empowers people to manage their money.
Key Features:
- Savings Goals: Designed according to the lifestyle of the people and therefore encourages achievable goals financially.
- Expense Tracking: Used to group the different expenditures for convenient interpretation.
- Rewards System: Prescribes ways to make savings as enjoyable as a game and comes up with fun issues to solve.
- Educational Resources: Articles, videos, and tips that can help to gain financial literacy.
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Targeting Student Financial Habits
Students can track their expenses and safety, including daily expenses, and categorize spending and, consequently, income. It also breaks down numerous concepts that relate to budgeting thus making it easier for students to mentally visualize their figures.
In acquiring savings knowledge, students are likely to become customers of various regional firms, thereby enhancing the availability of a youthful market to such small and medium firms. This ultimately means that one can interact with more community enterprise.
Commitment to Supporting Local Consumerism
SmartPocket is quite helpful in giving the power to students but, at the same time, it helps in enhancing information consumers. When learning the smart saving habits they are privileged to support local business that helps in enriching the economy. This leads to responsible consumerism by making the users have a view of the value they need to attach on their money.
Aligning with the Long-Term Vision
Apart from the savings features, the app is equipped with financial literacy articles as well as intuitive videos, and tips. They help foster interactions with students thus enabling them follow the savings balances and effectively manage these funds hence, making meaningful interactions with the economy.
Future-Proofing the UAE Youth
For the IT inclined learners, this might be the tool that they have been anticipating for. It is beneficial for young generation which involve in downloading mobile app, aligns with government financial literacy drive including UAE Sustainable Finance Framework 2021 – 2031 and targeted engage this generation, to learn proper financial management right from their youthful age.
A Tool for the Future
SmartPocket is not only an application that will help people to save money but a stage for a new generation. Education, engagement and innovation focuses mark it as offering financial literacy to students, promoting local business and advancing the UAE’s economic mission.
To students, their parents and educators, SmartPocket is an innovative change that starts a new more financially-savvy age for the UAE’s young generation. Are you finally ready for a financial makeover? Welcome to SmartPocket, where we save better so you can live better!