Meet the ladies helming a conversation on financial literacy in the UAE

This International Women's Day, we speak to some high-flying women who are doing their part to reduce gender disparity in the region

Money may not be able to buy happiness - at least not in the traditional sense - but it sure can buy a lot else. We're not talking about that extra television set or pair of shades either. Anyone who has ever lived without knows that money represents more than an ability to shop. It grants flexibility, from deciding if you want to eat out to whether it's time to start your own business. Money represents freedom.
Since finance is undeniably one of the biggest parts of our lives, we talk to some UAE-based women about why financial literacy for all is the need of the hour.
Heather Henyon

Heather Henyon is a woman who wears several hats. She's the founding general partner of Mindshift Capital, a women-run firm investing in women-led companies. She's also the founder of Women's Angel Investor Network (WAIN), the first women's angel group in the Middle East. With 20 years of experience in the field (her past experience involves working on Wall Street as well as with Vint Cerf, widely considered one of the investors of the Internet), she not only has the technical know-how - she's using it to inspire other women.
"A couple of years ago, I attended an event in San Francisco where entrepreneur Mitch Kapor gave a speech about unconscious biases - and I was just blown away," she says. "Basically, the way we are raised, the roles our mothers and fathers play in the house, and the media - it all affects the way we view gender. Growing up, math was in my blood - my father was a statician and my mother a math teacher - but she was the one who took ten years off to raise me and my brother. And it made me realise that everyone, myself included, could have a subtle bias, that runs deep. We need to figure out what our biases are and try to be more self-aware."
These biases may have real world consequences. As Heather explains, "Fifty per cent of the founders of companies in the region are women, which is higher than you see in Europe and the US. But only 2 per cent of capital is actually going to these founders."
Another reason female entrepreneurs have problems getting funding for their startups? Many tend to create products based on problems or gaps they experience in the real world - but sometimes men don't understand the products. And since most investors happen to be men, that puts female entrepreneurs at a disadvantage. To emphasise, Heather gives the example of Clue, a German-made app to help women track their fertility. Its founders had a hard time finding financial backing - until investors realised that it was gaining thousands of followers organically.
"There's a lot of data that suggests that women invest in women," she adds. "If a female founder approaches a venture capital fund with at least one female partner, she is twice as likely to get funded. That means her odds double if there's a woman at the table."
It's stories like these that got her to start WAIN, a network of successful female professionals who invest in and support women-led companies. Their only conditions are that there needs to be a female founder or cofounder, at least one woman on the management team and have Middle East operations or customers.
"The first time we called for applications - I think it was 2014 -we thought we would get five or 10," says Heather. "We ended up getting applications from 75 companies - the majority of which were tech companies. It made us realise that there is definitely a gap that needed to be filled. Why not by us?"
Heather - who has already introduced investments to her nine-year-old son - believes that it's never too early to start taking an interest in money matters. "I see girls winning math contests and don't think women have any less capabilities in these subjects. But they start opting out because of self-confidence gaps. Even in business school, I observed that women would go into softer areas like marketing over finance. But money is reflective of power and that's were women get left out of the decision making process - because they don't represent the money and are therefore not taken seriously. I think having financial independence gives you the freedom to make the choices you really want to make."

Elissa Freiha

An Emirati of Lebanese-American descent, born and raised in France, Elissa did not originally come from a financial background. With a bachelors degree of arts in global communication from the American University of France, her past experience involves working in marketing, sales and even in a bakery in Paris. But when she moved to the UAE five years ago to be closer to family, her passion for entrepreneurship took her down a different path.
"Honestly, when it comes to finance, I am self-taught," she says, breaking the stereotype that one needs a degree to navigate what many could consider an intimidating space. "I was introduced to the world of angel investment when I was 23 and I thought the idea was amazing. It allowed me to invest cash in a company, collaborate with them and make a difference. My background in PR could actually help a tech-savvy founder. At 23, I realised that I could be seen as more than a pair of hands. I had value, and being able to grow a business was an amazing feeling for me."
Elissa dedicated herself to learning all the details - going to every conference, reading every book and understanding the roles. It helped that her family invested in public equity and real estate, giving her a better feel for the industry. "We are sometimes so intimidated by the jargon that we don't even bother trying to learn. But, I think, everyone can benefit from understanding their finances and looking through their statements. Leaving someone to manage it for us really isn't in our best interests. It might take 15 minutes every day for a week to simply learn the basics."
It wasn't long before the penny dropped on another observation - that in the world of finance and investment, there was something of a gender gap and lack of female participants. Her experiences led her to cofound WOMENA, a Dubai-based women-only angel group that supports and educates female investors. What started as a platform to bring together women who wanted to invest in tech startups has now expanded. Last year saw them start an acceleration programme, connecting female-run startups to investors. It also started a documentary series highlighting prominent female changemakers in the Middle East.
"I think this region can be confusing for female entrepreneurs," says Elissa. "There are cultural and societal expectations when it comes to making sacrifices and taking risks. In the UAE, though, there's incredible growth in the number of female founders and entrepreneurs. Women want to get involved in business and be supported. We wanted to create that ecosystem for women in entrepreneurship and business."
WOMENA has a solid team that advises investors about where to put their money. Is there a difference in the way men and women in the region invest? "Well, we've noticed that women tend to be more risk-averse," says Elissa. "They work really hard to get that income and letting go of that takes a while. So, they are more detail-oriented. But that works in their favour - the more time you take, the better decisions you make."
Fiona McKenzie

Fiona McKenzie recalls an amusing incident when, conversing with a student one day, she had to explain that loans were something that need to be repaid. One would expect the student to be very young - 10 years at most - but, as it turns out, he was 16.
"It made me realise students are graduating without adequate knowledge of money matters," she says. "I think one of the core competencies that isn't necessarily included in curriculums in financial literacy - and this is an global issue, not just in the region."
Fiona, who has years of experience in the field of education - having done everything from teaching to being a governess - was asked to set up the Middle East branch for Gabbitas Independent Education Consultants five years ago. Working with students 'from cradle to Cambridge' as well as parents, means she has an indepth understanding of skills students need to thrive.
"Today, it's easy to leave school without any information about finances. Then you go to university and rack up a student loan. How many students understand that the compound interest clock is ticking the minute they take out a loan?" she asks. "Many don't even know the interest rates for their loans. Other things - for example, taking out a mortgage, one of the biggest financial expenses a person can have - are not taught at schools. In today's world, where you can get a loan at the click of a button, students can easily find themselves in trouble."
Although Gabbitas does not provide students with financial education in detail, they connect them to third parties who do financial assessments and help them plan for college. This was important to Fiona, whose sister is an investment banker, and who has therefore always advocated for financial literacy for students.
There are multiple things students who are going to university should know by the time they graduate - for starters, how to open a bank account, the implications of getting a credit card and what their interest rates are. If international parents are planning to sent their kids to study abroad, they need to keep in mind tuition fees (which can go up to 50,000 pounds for medical courses) as well as living expenses and visa fees.
"A lot of youngsters are not encouraged to take responsibility for their finances because they think it's stuff only grown-ups need to worry about," says Fiona. "That's why it needs to be demystified."
There are simple things schools can do to foster this growth and knowledge. For starters, Fiona gives the example of a nursery in the UAE that started a 'save, spend and share' policy without using money. Or another school that created a sort of 'classroom economy', where students could be paid in school currently if they completed certain tasks. "There are opportunities to engage kids in a fun and interesting way," she says.
It's not just up to the schools either. As Fiona points out, students spend more time at home than they do in the classroom, and parents can do their part in educating children about finances. "Teach them to budget their pocket money. Encourage them to get a part-time job to understand the value of money. There's research to suggest that children who do chores at home have a better chance of getting employed later on. We need a multi-pronged attack to push children towards financial literacy."
janice@khaleejtimes.com