IslamicFinance.de

The latest #Saudi Arabian survey conducted by Riyali Financial Literacy Program shows that more than 86% of the respondents have suffered from some form of financial distress. This high percentage sheds light on the importance of spreading financial awareness to manage a stable financial life. The survey also showed that most of the commitments that the participants failed to fulfill were finance installments (44%), followed by borrowing from friends and family (34%), and then credit card payments (22%). In addition to that, the survey highlighted another noticeable problem, which is the high debt burden ratio where monthly installments of 42% of the participants exceeded 60% of their monthly salary. In this regard, the Saudi Arabian Monetary Agency (SAMA) has set the limit at 33% for the monthly debt burden that a customer can afford, to be able to successfully pay off debts.