We believe that financial literacy is more important than ever in today’s world. At FataFeat, we’re committed to equipping young Saudis with the knowledge and skills they need to make smart financial decisions and avoid common pitfalls. From overspending to money management, our app empowers young Saudis to navigate the complexities of money management with confidence.
Common financial pitfalls for kids
- Impulse buying: helping children recognize the difference between needs and wants.
- Peer pressure: teaching strategies for handling social pressures to spend money.
- mada and Credit card misuse: educating kids about the risks of credit and responsible mada and credit card usage.
How FataFeat will help kids avoid pitfalls
An essential part of our app is the in-app learning section. It will feature interactive lessons and real-life scenarios that illustrate the consequences of poor financial choices:
- Budgeting tools: teaching children how to create and stick to a budget.
- Debt simulations: simulating scenarios where kids can learn about the impact of debt on financial freedom.
- Financial decision making: encouraging critical thinking and problem-solving skills regarding money.
A 2023 survey showed how kids have a few favored ways to track their money, the most popular is using an app on their phone. The next most popular is using a money jar or a physical wallet. The least popular was using a computer.
This shows how kids are utilizing tools that use illustrative and visual representations of how much money they have. With this in mind, FataFeat will be interactive and have a screen that shows how much they’ve saved towards their goal. This will also act as an encouragement to continue saving and will help them avoid common pitfalls.
Empowering kids to make informed choices
By addressing financial pitfalls early on, FataFeat will prepare children and teens in Saudi Arabia to handle financial challenges responsibly. Through practical education and hands-on learning experiences, we empower young Saudis to build a solid foundation for financial success.