Zawya publishes the results of a survey conducted by Souqalmal.com on financial literacy in the UAE.
Over 40% of UAE residents do not understand their loan rates. Financial literacy in the UAE is under the spotlight once more as 4 out of 10 residents claim not knowing the difference between a flat and a reducing rate according to the latest survey from Souqalmal.com , the #1 financial comparison in the UAE. While a flat rate calculates the repayments on the entire loan amount, a reducing balance rate only calculates the repayments on the outstanding balance. The knowledge gap is wider amongst the local population, with 65% confessing to not being aware of the difference.
Ambareen Musa, founder and CEO of Souqalmal.com , said: “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.”
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