Dubai, UAE – The #EducationFirst commitment behind Edfundo, the UAE’s first money management app for kids & teens is the driver of this year’s participation in Global Money Week (GMW)), with the theme "Think before you follow, wise money tomorrow," to help youngsters make informed money decisions when interacting online.

“This year, GMW and Edfundo are placing the spotlight on the rise of the Finfluencer,” said Simon Wing, Edfundo’s Co-founder and CEO, stressing the need for children to receive financial education from an early age as digital finance and Artificial Intelligence become a way of life.

Wing explains that a Finfluencer is a financial influencer who offers advice and information on various financial topics, usually through social media platforms: “These topics can include saving, investing, cryptocurrency, and sometimes even ways to get rich quickly—all tempting topics for teens.”

Wing and his Co-Founder & COO, Andrew Toward, are both teachers who understand how youngsters learn, making Edfundo the world’s first teacher-built money management platform for families.

Toward shared more on the rise of Finfluencers and why parents and teachers should be cautious: "Following the Influencer trend, Finfluencers leverage their popularity or cultural status to sway the financial decision-making process of their followers by promoting or recommending financial products and services.

"It’s true that the content can provide engaging and accessible financial tips, but most often the finfluencer lacks the necessary qualifications or regulatory oversight to offer sound financial advice leading to the promotion of risky or unsuitable financial products and ways to spend in this cashless society that our youngsters are all too familiar with."

Edfundo has also scored another first by on-boarding a 16-year-old as Head of Youth Empowerment. Shaurrya Choudhary is Edfundo’s champion behind many youth-led activities in schools throughout Dubai and is delivering workshops throughout the week.

"Looking through the lens of young people, I understand the challenges my peers face when it comes to identifying good sources of information and managing money.

“Edfundo’s goal is to make financial education relatable and practical and to red flag that finfluencer content especially must be checked and verified. For example, if something is being offered for free, it is highly likely that money will be taken from you in another way."

The 13th edition of Global Money Week, organised by the OECD International Network on Financial Education, runs through to March 23, 2025 in more than 150 countries worldwide, including the UAE. Since its launch in 2012, 177 countries have participated, reaching more than 60 million children and young people.

Follow Edfundo’s journey on social media using the hashtags #Edfundo #FinancialEducationFirst #GlobalMoneyWeek2025 #GMW2025 #FinancialLiteracy #LearnSaveEarn www.edfundo.com  www.globalmoneyweek.org

Global Financial Literacy Facts

  • Young adults who received financial education are more likely to save and invest. Studies show that they are 20% likely to have a savings account and 15% likely to invest in stocks.
  • Financial education reduces the likelihood of debt. Young adults with financial literacy education are 30% less likely to incur high-cost debt.
  • Parents who discuss finances with their children help them develop better money management skills. 70% of young adults who had financial discussions with their parents feel more confident about managing their finances.
  • Only 33% of adults are financially literate globally. This indicates that 3.5 billion adults worldwide don’t understand basic financial concepts.

Finfluencers and Youngsters

  1. Influence on Financial Decisions: Finfluencers, or financial influencers, have a significant impact on the financial decisions of young people. They often provide advice on saving, investing, and managing money through social media platforms like YouTube, TikTok, and Instagram.
  2. Engagement with Financial Content: Youngsters are increasingly engaging with financial content online. A study found that 45% of finfluencer content offers general investment guidance, while 36% involves investment promotions.
  3. Vulnerability to Misinformation: Teenagers, particularly those aged 11-15, are vulnerable to misinformation and risky financial advice from finfluencers. Many finfluencers lack the necessary qualifications or regulatory oversight to offer sound financial advice.
  1. Parental Involvement: Parents who discuss finances with their children help them develop better money management skills. 70% of young adults who had financial discussions with their parents feel confident about managing their finances.

Shoulder Surfing

  1. Global Prevalence: Shoulder surfing is a common occurrence in public places, especially in crowded environments. According to a survey, 130 out of every 193 shoulder surfing cases occur on public transport.
  2. Devices Targeted: A significant majority of shoulder surfing incidents—89.7%—involve smartphones.
  3. Ease of Attack: Patterns used to unlock mobile devices are generally easier to shoulder surf and comprehend quickly than PINs and passwords. In a 2019 experiment, 64.2% of participants could uncover a 6-point pattern within a single observation.
  4. Impact: Shoulder surfing can lead to significant financial losses. For example, in May 2023, a shoulder surfing victim in the UK lost £70,000 after being observed in a busy public place.

Additional Facts

  • Europe: In Europe, a significant number of teenagers are influenced by social media content, including financial advice. A study by the European Commission found that 64% of young people aged 15-24 use social media to follow influencers, including finfluencers.
  • Middle East: In the Middle East, the use of social media is widespread among teenagers. A survey conducted in the UAE found that 85% of teenagers use social media platforms daily, with a growing number following financial influencers for advice.
  • Financial Literacy in Europe: According to the OECD, only 52% of adults in the European Union are financially literate, highlighting the need for improved financial education among young people.
  • Financial Literacy in the Middle East: Financial literacy rates in the Middle East vary, but a study by the Arab Monetary Fund found that only 24% of adults in the region are financially literate, underscoring the importance of financial education initiatives.

-Ends-

About Edfundo:

UAE-based Edfundo, the world’s financial education platform for families built by teachers, is dedicated to providing high-quality financial education and services to young people. Unlike other financial apps, the platform is designed by teachers who understand the educational needs of children and teenagers. In addition to the money management app and personal debit card, Edfundo’s #EducationFirst resources cover essential topics such as earning, budgeting, saving, investing, and understanding digital finance. This intention is to equip young people with the knowledge and skills necessary to make informed financial decisions and achieve financial well-being. Looking ahead, Edfundo is set to launch phase 2 of the Edfundo Learning Lab at the end of 2025. This initiative will further enhance financial education by providing advanced resources and tools to help young people move from financial illiteracy, to financial literacy, and ultimately to financial intelligence, or FQ. For more information, visit www.edfundo.com. 

Media & Education enquiries | simon@edfundo.com