Save more, spend less: New Ministry projectto safeguard finances of Qatari families
Called Aazim, project targets newly employed youth, those planning to get married, and borrowers
Project to create financial awareness by promoting responsible consumption
Published: 24 June 2024
QNA
DOHA: The Ministry of Social Development and Family (MSDF) has launched a financial awareness project (Aazim) that aims to raise awareness among Qatari families and youth of the significance of optimal and pre-planned spending, saving, and avoid resorting to borrowing to secure essential living standards.
The programme is part of a prime MSDF’s strategy aimed at transforming Qatari society into a productive community, reducing irresponsible consumption, and paving the way to prepare future generations to draw on diversified income sources that keep pace with global changes while preserving the resources of families and society.
Also, the project targets newly employed individuals, those planning to get married, and borrowers, empowering them with personal economic management tools.
Minister of Social Development and Family H E Maryam bint Ali bin Nasser Al Misnad said MSDF intends to build financial awareness based on Islamic values in spending, as well as relying on models for managing financial life that are closely intertwined with the variables of global economic movements.
The Ministry seeks to steer youth and newly formed families away from excessive consumption and unnecessary luxuries, to build an informed and sustainable society where future generations are ensured equal opportunities for prosperity and sustainability.
Her Excellency added that the project primarily aims to transform citizens, families, and society in general into smart consumers who are aware of their steps, to not fall prey to consumer temptations targeting affluent communities.
The project aims to have a societal impact on two levels, namely the behavioral impact by reinforcing individuals’ orientation towards economic management that sustains societal prosperity and optimizes individual income utilization and the cognitive impact by promoting societal awareness of financial planning mechanisms, avoiding pitfalls such as extravagance, borrowing, and irresponsible consumption.
Additionally, the project intends to imbue citizens and young people with financial planning skills to serve as a roadmap in achieving financial goals and maintaining wealth by avoiding waste and extravagance, through which citizens can create a comprehensive picture of their income and paths, identify key priorities, and distinguish them from secondary luxuries.
MSDF hopes that the project will pave the way for alleviating debt burdens within society, benefiting from financial life skills, and strategic planning for responsible spending.
