Arab News | Experts discuss family financial literacy in Riyadh

RIYADH: The Communication and Financial Knowledge Center, in cooperation with the Family Affairs Council, Thameen Center, and King Salman Social Center, recently organized an awareness session in Riyadh titled “Our Financial Decisions Today Shape Our Lives Tomorrow.”

The event was attended by Maimoonah Al-Khalil, secretary-general of the Family Affairs Council, along with financial education experts and other attendees.

The session featured Salem Bashmil, a financial education expert, and Yasser Al-Hazimi, a self-development coach and human development specialist.

It covered topics related to family finances, including assessing financial situations, developing financial habits, mindful consumption, self-esteem, social comparisons, and the psychological factors behind spending decisions.

Bashmil discussed family financial awareness and how families can assess their financial situations, distinguish between income-related problems and those caused by spending habits, and develop practical financial plans while establishing priorities.

He said financial planning does not require a perfect budget, but involves directing resources toward the family’s priorities. He also discussed teaching children sound financial habits, including how to make choices, manage limited resources and understand the consequences of their decisions, while promoting balanced consumption.

Al-Hazimi addressed “The Price of Impression: When Social Comparisons Turn into Financial Pressure on the Family.” He discussed how comparing oneself with others can affect self-esteem and lead to spending more to gain social acceptance or project a certain image.

He also discussed psychological factors behind spending, including stress, boredom and the desire for reward or compensation, as well as social pressures related to generosity and courtesy. He noted that differing attitudes toward money among family members can also affect relationships and stressed the role of parents as financial role models for their children.

The session concluded that family financial awareness began with understanding available resources, setting priorities, identifying spending motivations, saving for goals and emergencies, and making informed financial decisions.

The Communication and Financial Knowledge Center is a Ministry of Finance initiative focused on financial awareness and economic knowledge through programs and partnerships.