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Making enlightened financial decisions has never been more important given our rapidly changing world and financial markets. But many people do not understand some basic financial concepts related to saving and investing which jeopardizes their financial welfare.
Financial Illiteracy
Financial illiteracy is all too common. According to the Organization for Economic Co-operation and Development (OECD), financial literacy is defined as the ability to understand the essential financial concepts and risks for financial decisions. Financial illiteracy is measured by three basic questions about interest rates, inflation and risks.
Question 1: What is the value of investing $100 in a saving account at an annual interest rate of 2% for five years? (a) More than $102, (b) less than $102, (c) no idea and (d) no answer.
Question 2: If the annual interest rate on your saving account is 1% and inflation is 2%, what is the value of your money held in a saving account for a year? (a) More than its purchase value today, (b) less than its purchase value today, (c) the same value, (d) no idea and (e) no answer.
Question 3: Consider the following statement: “Investing in the shares in a single company is safer than investing in a mutual fund.” Is this statement (a) true, (b) false, (c) no idea and (d) no answer.
A 2016 study in the Netherlands found that only 55.1% of men and 35% of women answered the questions correctly.
The Impact of Financial Literacy on Society
The study suggests that women may be less likely to invest in the stock market than men, limiting their ability to accumulate wealth and plan for retirement.
But men and women alike need a minimum level of financial literacy. Financial literacy is more important for women because they live longer than men and are more likely to become widows without breadwinners, exposing them to financial risks. US studies have shown that the death of a husband is a dominant factor among women living in poverty in their old age.
Also, women are often burdened by childbearing and looking after children at the expense of their careers, which limits their financial resources especially if they become a single parent. The number of families depending on women as sole breadwinners and managers of financial affairs is growing.
This means that financial literacy is especially important for women. It is imperative to empower women to gain control of their financial affairs through enhancing their financial literacy and management. Women play an integral role in achieving Saudi Arabia’s Vision 2030.
Empowering Women in the GCC with The Family Office
The Family Office has been an avid supporter of the empowerment of women in the financial industry as a sponsor of the Arab Institute for Women's Empowerment (Nusf) leadership program for Saudi women and participating with its Saudi staff in may workshops co-organized with Nusf.
The Family Office also supports the youth generally and females particularly through its “Young Professionals” program, inviting fresh graduates to enter the business world and be trained in various departments of the company. Female enrolment in The Family Office Academy, a digital learning platform, was twice that of males.
The Family Office has also launched the first digital wealth management platform of its kind in the GCC earlier in 2022, allowing investors to discover international investment opportunities in private markets, build a personalized portfolio and simulate its performance for more than 10 years.
Sign up to the platform on the link: Join our platform.
Sources: Argaam, GFLEC
Study 1: How Financially Literate Are Women? An Overview and New Insights
Study 2: Determinants of Financial Empowerment Among Women in Saudi Arabia
About The Family Office:
The Family Office in Bahrain and its Riyadh-based wealth manager, The Family Office International Investment Company, are regulated by the Central Bank of Bahrain and the Capital Market Authority of Saudi Arabia, serving hundreds of family and individual investors. The firm helps clients achieve their wealth goals through custom-made investment strategies that cater to their unique needs.
Disclaimer:
The Family Office Co. BSC (c) is a Category 1 Investment Firm regulated by the Central Bank of Bahrain, C.R. No. 53871 dated 21/6/2004. Paid Up Capital: $10.000.000. The Family Office Co. BSC (c) only offers products and services to ‘accredited investors’ as defined by the Central Bank of Bahrain.
The Family Office International Investment is a joint-stock closed company owned by one person. Paid-up capital: SAR 20 million. CR No. 7007701696. It was licensed by the Capital Market Authority (No. 17-182-30) to carry out arranging, advisory and managing investments and operating funds, with respect to securities.
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