· The report, issued by Yabi, showcases the importance of financial acumen for individuals to reap the fruits of accelerating economies and more than 40% are worried about their ability to achieve their long-term goals
· The report finds that over half of respondents can only cover their personal expenses for two weeks or less before payday
· New Yabi CEO, Rakhil Fernando, says empowering individuals with financial tools and insights is key to addressing financial discipline gap
Dubai, UAE, 16th September 2024 – A recently issued Financial Health Report for 2024 by Yabi, a leading financial technology platform in the UAE, shows that over half of individuals in the UAE & KSA region, at 50.46%, reported spending more money than they earned in the past year.
While 63.91% of the population reported being able to pay their bills on time, there remains a clear gap in financial preparedness, as 50.2% of respondents could only cover expenses for two weeks or less without income, highlighting the need for improved financial education and budgeting skills.
According to the company’s Financial Health Report 2024, nearly 41% of the population have little to no confidence in meeting their long-term financial goals, revealing significant uncertainty in financial planning for the future. Furthermore, only 33.53% of the population are confident they will have enough money for retirement, suggesting that the majority are not financially prepared for their later years.
Newly appointed Yabi CEO, Rakhil Fernando, commented, “It’s alarming that 50.46% of the population are spending more than they earn. This reveals a pressing need to offer insightful financial literacy tools. At Yabi, we are committed to addressing these financial challenges head-on, empowering users with the tools and insights necessary to regain control of their financial future.”
Yabi’s app, widely adopted by users in the UAE & KSA, offers personalized tools for managing savings, spending, and investments, aligning with the emerging financial goals among individuals in the region. According to the Financial Health Report, 29.05% of respondents are prioritizing budgeting and saving, followed by debt repayment and major life events like marriage or purchasing a car. The app’s ability to provide tailored financial education is critical to meeting these evolving user needs.
Rakhil Fernando expressed his confidence in Yabi’s future, stating, “I am honored to lead Yabi at such a transformative time in its growth. The previous leadership has built an outstanding platform, and I am excited to build on that foundation by advancing our strategic initiatives to help users achieve financial independence through smarter money management tools.”
Wafik Ben Mansour, Chairman of Yabi, emphasized the board’s support for Fernando’s leadership. “Yabi has consistently demonstrated its ability to innovate and make a meaningful impact in advancing financial literacy. The board is confident that, under Rakhil’s leadership, Yabi will continue reaching new milestones, expanding its influence, and solidifying its role as a driving force in promoting this goal through cutting-edge financial technology and engaging content. We are thankful to Ambareen Musa for her years of dedicated leadership.“
Under Rakhil Fernando’s leadership, Yabi is set to expand its product offerings, forge strategic partnerships, and accelerate growth across the region, all while maintaining its core mission of promoting financial wellness and inclusion through cutting-edge technology.
For more information about Yabi and its financial solutions, visit www.yabimoney.com.
