Pocketful of Dirhams

What financial lessons have we learnt from the pandemic?

Over the past 18 months, the world has changed more than anyone could have predicted. The Covid-19 pandemic brought the world to a standstill, shutting businesses, schools, offices and shopping malls, and confining millions to their homes for long periods of time. While many saw their incomes dwindle or lost their jobs altogether, others boosted their savings as movement restrictions prevented them from spending.

 

Now, as the world slowly emerges from the pandemic, we have all benefited in some way from the extra time the pandemic gave us. Our busy lives stopped almost overnight and we were given a unique opportunity to reflect on how we lived our lives – which extended to how we spend our money. So, what has the pandemic taught us all about our personal finances? And what can we do, going forward, to ensure we have a better relationship with money?

 

Co-hosts Alice Haine and Felicity Glover discuss the money lessons they have learnt during the pandemic and whether or not they will continue with their new financial habits.

 

Hosted by Alice Haine

Produced by Arthur Eddyson

Is a four-day working week possible in the UAE?

Numerous studies around the world are indicating that a four-day working week can be successful, leading to an increase in productivity and happier, healthier employees as the work-life balance improves. Governments and private companies in countries such as Spain, New Zealand and Iceland have been experimenting with a reduced working week without cutting employees’ salaries.

 

Here in the UAE, a digital marketing company in Dubai recently announced that it is switching to a four-day working week from September until the end of the year to provide employees with a better work-life balance. While there are many factors for companies to consider before making the switch, is it possible that a four-day working week will become the norm for employees around the world or is it more about flexibility to achieve a better work-life balance?

 

Host Felicity Glover is joined by David McKenzie, group managing director at Dubai-based recruitment agency McKenzie Jones, who outlines his reasons why a four-day working week is unlikely to succeed in the UAE.

Will pent-up demand from Gulf buyers drive up UK house prices?

The UK’s property market experienced a mini-boom during the pandemic with house prices rising 8.5 per cent last year. This was in sharp contrast to Britain’s wider economy, which was hammered by the fallout from the Covid-19 crisis as the country endured a series of lockdowns.

 

While a stamp duty holiday helped to propel the market upwards, easier access to mortgage finance and a lockdown-induced desire for more space outside major cities also played their part. But one thing slightly dampening prices in recent months, particularly in London, have been the strict travel restrictions, which prevented wealthy buyers from jetting in to view homes. So, with travel curbs now easing, particularly in the UAE, what’s in store for the UK’s property market now?

 

Host Alice Haine is joined by Henry Faun, partner and head of Knight Frank's Middle East private office, who outlines how much pent-up demand from the region will affect British house prices.

How to find a financial adviser you can trust

Trust is key in any relationship, but when it comes to your money you need to be sure the person offering you advice is 100 per cent reliable. The relationship between the UAE financial advisory sector and resident investors has been dented in recent years due to the mis-selling of expensive savings, investment and life insurance products.

 

A number of regulatory changes rolled out last year aim to reduce the risk of mis-selling. Commission is now capped on new policies and financial advisers must include a mandatory 30-day “free-look” period that allows customers to cancel it without charge within the first month. Advisers are also now required to provide a benefit illustration to customers before the policy commences and a policy statement every six months. But what more could be done to ensure residents fully trust financial advisers in the Emirates once again?

 

Host Alice Haine is joined by William Tohme, senior regional head for the Mena region at the CFA Institute, who shares his insights on how trust can be boosted in the region.

Meet the teen trader who has made a Dh30,000 profit

Interest in trading has surged during the Covid-19 pandemic, with retail investors flocking to platforms such as Robinhood and Etoro to buy and sell stocks.

 

With time on their hands during movement restrictions and extra money to invest after a series of government stimulus packages, retail traders around the world have embraced the "gamification" of trading, which has been driven by US meme stocks such as AMC Entertainment and GameStop.

 

But there is one group of traders who have been flying under the radar: teenagers around the world have also jumped on the trend and are using their pocket money to trade in shares.

 

Host Felicity Glover, the personal finance editor at The National, is joined by Advait Arya, a 16-year-old trader from Abu Dhabi, who talks about his investing journey and how he made a Dh30,000 profit.