A majority of UAE retail investors (67%) express high levels of satisfaction with the financial education resources currently available to them, according to new data from trading and investing platform, eToro. However, a desire for more comprehensive financial education has emerged, with UAE retail investors expecting financial institutions to take the lead.
In the survey of 1,000 UAE retail investors, nearly half (47%) said that they expect financial entities such as banks and investment platforms to take the lead on financial education. In comparison, 45% feel it is the individual’s responsibility whilst others believe it lies with universities (41%), schools (32%), the media (31%) and family (30%).
The data also underscored a significant gap in financial education during schooling years, with a considerable 87% of respondents expressing a wish that they had received financial education in school, pointing to a perceived shortfall in early financial literacy.
Currently, when it comes to gathering information for investment decisions, social media platforms are at the forefront, with 40% of respondents using them as a primary source. This is followed by Google searches (34%) and financial courses (33%). Personal recommendations from friends and family also play a significant role, with 33% of investors relying on them.
“The UAE’s rapid economic growth has created a dynamic environment for wealth generation and having a well-informed investor base is crucial for sustaining this momentum,” said Jason Hughes, Senior Executive Officer at eToro Middle East.