First of all, thank you very much Stuart for taking the time to answer questions we have surrounding financial literacy.
What is it that you do in Dubai?
I am the general manager at Radisson Red.
Tell us a little more about the Radisson Red?
We opened in 2020. We are the first RED in the Middle East and #8 worldwide. We are located in Dubai’s Digital Park near Dubai Silicone Oasis.
How many children do you have and what are their ages?
My wife and I have two boys aged 13yrs and 16yrs.
In terms of Financial Literacy can you offer us your thoughts on the opportunities for children and teens to learn about money?
Recently my wife and I have been discussing how to ensure our two boys – 16yrs and 13yrs – get a greater understanding of money / expenditure / personal banking.
I hope we’ve already given them a good base of how to be responsible with money but practically they don’t get to interact with it much eg spend, track ins/outs etc
This is especially clear as a lot of the monetary interactions are online.
How would using Edfundo be beneficial to your children?
I’d really like them to have access to an account that they manage so they gain clarity on its value. Having a prepaid card that they have to top up / keep track of would further enhance their understanding.
We’ve recently started giving them an allowance so it would be of benefit if we could pay this into an account that they then manage and check the balance on a regular basis.
I think we can all agree that being financially literate is a life long skill that will enable the next generation to become smarter when managing money.
What can children do?
- Instantly receive allowances
- Earn extra money by completing tasks
- Budget their allowance
- Spend on the card (within the set limits)
- Receive instant notifications
- Create saving goals and saving pots
- View account analytics
What can parents do?
- Manage their children’s accounts
- Set up regular payments
- Make one-off payments
- Set tasks
- Set spending limits
- Control where the card can be used
- Instantly block and unblock cards
- Receive instant spending notifications
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