Emirates 24/7 publishes the results of a survey conducted by Souqalmal.com on financial literacy in the UAE. According to the survey there is room for improving financial literacy in the country.

Even as we UAE residents are generally considered to be savvy with our money, a new financial literacy survey conducted by Souqalmal.com highlights how little we understand the intricacies of finance – and, therefore, end up paying more than we might have bargained for. As many as four out of 10 UAE residents say they can’t tell the difference between a flat and a reducing interest rate, according to the latest survey from Souqalmal.com, a financial comparison portal.

“Financial literacy is a key component on our agenda for the UAE. We have been striving to raise awareness amongst residents and helping them make smarter financial decisions by allowing them to compare various financial products available in the market,” said Ambareen Musa, founder and CEO of Souqalmal.com.

“The survey turns our attention towards a significant knowledge gap, evident from the lack of understanding about some of the basic principles of rate calculation, but more importantly the use of a credit card to withdraw cash. This goes to show that financial education is still very much a priority in the UAE,” Musa added

For the full article go to Emirates 24/7