With millennials accounting for a quarter of the Middle East’s population and a vast majority of entrepreneurs under the age of 35, the region is fast becoming a global hotspot for youthful startups.
And while the UAE in particular offers a wealth of opportunity for fledging businesses, the lack of financial literacy among millennials threatens to hold back them back.
In this article, we outline the importance of money management and why you should address financial literacy for millennials when staffing your startup.
Setting business goals
Financial literacy is essential for career success, helping employees and business owners set strong, realistic and achievable goals, both personally and professionally.
If you’ve no idea about finances, it’s almost impossible to achieve your business goals. According to research, poor financial management is one of the top reasons why startups fail. Not being financially literate is a problem that could directly affect the country’s future economic growth.
Concerns with millennials and financial literacy is not just a regional problem; it’s a global one. Experts believe this lack of core money skills in the millennial generation is mainly due to existing education systems which fail to teach money management from an early age. This – coupled with a complex modern world, increasingly disrupted by emerging technologies – is resulting in school leavers and graduates who are digitally-savvy, but financially nave.
Benefits of a…