Manama- Bahrain: The economics of long-term savings for households, its significance for their financial resilience, and what are the right vehicles for household long-term savings and building up assets across the MENA region are some of the topics to be discussed in the Arab Household Long-term Savings Conference 2021, organised by Fintech Robos, the Bahrain-based providers of savings and pensions technology.
“Several reports by reputed consultancy groups almost unanimously point to the fact that at least one third of people in MENA do not save any money; two thirds of people do not save enough or regularly, and close to 80% of people say they don’t feel confident about their financial future,” said Ebrahim K Ebrahim, CEO of Fintech Robos, the conference organisers.
Ebrahim says there’s a direct relationship between household savings ratios and healthy economy, and between household savings ratios and future social security. “If savings is key to a healthy economy, then it must be reasonably high and sustainable, if any region is to fulfill its potential for higher real income and greater standard of living,” he pointed out.
Ebrahim elaborated that the main purpose of organising this first-of-its-kind conference in the region is to create a rich debate and information-sharing platform on the significance of long-term savings for household financial resilience. It’s also to increase awareness on both the need-to-save, as well as, knowledge around savings solutions offered by the financial industry, and global innovation in this space.
“Simply put, we aim to build better stakeholder awareness and place long-term savings and household financial resilience on the agenda for all those concerned,” he said.
Top-notch speakers from leading regional banks, insurers, wealth managers, advisors, digital challengers, economic think-tanks and policy analysts will be participating in this conference, which will be livestreamed from Bahrain on 25 and 26 May 2021.
The conference is also designed to provide a holistic assessment of the landscape of household long-term savings products, characteristics of ideal savings vehicles, and solutions of incumbent institutions vs. solutions offered by the new wave of digital challengers. Insights on how the world’s best savings countries save for the long-term will also be highlighted.
The digital savings solutions are already changing people’s attitude towards savings and putting them in control of their money. Customers are appreciating the ease and convenience of being able to keep tabs on their money in real time. The big question is: how do these digital propositions generally compare to the incumbent big institutions in terms of safety and sustainability? And how long will it take MENA clients to make a paradigm shift towards these digital challengers?
“Together with the annual Arab Pensions Conference, we hope the Arab Household Long-term Savings event by Fintech Robos will foster a lively debate and a growing industry forum on personal finance, pension savings and pension investments across the MENA region,” said Mr. Ebrahim.
© Press Release 2021
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.