Saudi Arabia’s campaign to further develop the nation by 2030 is one that we fully support. One initiative the government has been heralding is the development of the Financial Sector. FataFeat as a fintech squarely attempts to aid this great nation’s government and citizens to solve a known problem. A study in 2019 showed that most young Saudis aged 16-29 struggle with understanding the basic fundamentals of finance. Also in 2019, the government of Saudi Arabia announced a financial literacy strategy. So that aims at bettering the nation’s overall financial knowledge.
A look into Gen-Z and their mindset
The Arab Youth Survey 2021 found that 37% of Arab youth say they usually struggle to meet their expenses in full, while 42% can meet their expenses but are unable to save. Nearly three-quarters of respondents admit to worrying about personal debt and with rising living costs, this worry will likely grow. The survey also found that a third of Arab youth are currently in debt.
How the Saudi government is responding
As we’ve mentioned in a previous blog, the Saudi Ministry of Education will be making it mandatory for students in high school to take classes on financial literacy. This is definitely a step in the right direction. Younger Saudis have reportedly answered fewer correct answers than the average globally and this shows that there is a greater need for them to be taught financial literacy.
84% of Gen-Z learn money management from their family members. Oftentimes, parents and kids alike feel uncomfortable and awkward when discussing finances and money-related topics. Our hope is that our tool and app will be the first step that encourages the younger generation to be inquisitive, curious, and wants to be in control of their finances. We also hope family members encourage one another and also engage in discussion that helps everyone grow and learn more about money management.
FataFeat focuses on the parents and the younger generation and is family-driven for this reason. Our mission at FataFeat is to empower every family to take their finances into their hands and make sound decisions that align with their goals and future plans. Our core goal is in line with Vision 2030 and we are also aiming to improve financial literacy among young Saudi citizens and their families.