‘Amwalona’ tool aims at teaching Saudis run their personal finances

[gallery size="full" td_select_gallery_slide="slide" ids="108231,108283"]By Layan Damanhouri JEDDAH – Most Saudis are not well informed about managing their finances, which led the Global Shapers network led by young leaders in the community to launch an initiative to spread awareness about financial planning to households. “Around one-third of Saudis take loans from banks because they haven’t planned their income expenses well,” said Mohammed Tomalieh, Global Shaper hub curator and founder of the Amwalona program. “As a culture, we’re not being taught financial planning. Rarely do you have a household that does it properly.” The new tool launched on Saturday is a financial model in the form of an excel sheet, the latest volunteer initiative under the Amwalona program. The tool is designed for working employees to monitor their financial wellbeing and plan their finances starting from 2017 to up to 2020. “Many people’s expenses, such as buying a house or car or going on a vacation, exceed their income,” said Tomalieh. “Particularly with installment payments, they don’t feel how much their lifestyle is exceeding their income.” He added “financial planning does matter. Going to work and earning a salary should mean a good life and not living on loans with a hard lifestyle,” he noted. Unlike a mobile app, the excel sheet tool is shareable among family members and can be used by email, in the office or at home. Asked about competing with other financial tools, Tomaliah said the Amwalona tool is tailored to Saudi Arabia. “We simplified it as much as possible and used informal language so it can be used by individuals of any education level and age group. The General Organization for Social Insurance (GOSI) feature is also there.” It includes a supplement on basics of finance including information on savings, inflation, and investments. More advanced features such as loans, mortgages, investment options will be added throughout the year. On Saturday night, the campaign was launched and aims to reach an audience of 4 million people by having over 25 social media influencers promoting the initiative online. The Global Shapers hub in Jeddah has 18 members and is affiliated with the World Economic Forum aimed at making a difference in communities around the world.Global Shapers hub in Jeddah.