The General Pension and Social Security Authority (GPSSA) has introduced the “Advanced System for Proactive Financial Planning” initiative, named Wafra, aimed at enhancing financial literacy among those covered by pension laws.
The project prioritises financial literacy and sustainability, encouraging a culture of proactive savings over relying solely on pensions. By participating in various programmes and workshops, members will adopt a mindset of financial proactivity.
Transformational projects reflect the UAE government and leadership’s vision to adopt innovative governmental models for future competitiveness. These projects aim for significant impacts across all sectors rapidly, through mechanisms that align with global developments, focusing on strengthening partnerships and integrating roles.
Wafra promotes competitiveness as part of the ‘We the UAE 2031’ strategy to build a prosperous nation supporting citizens’ wealth over the next decade.
To support these transformational projects, GPSSA has signed strategic agreements with the Abu Dhabi Global Market Academy for financial awareness workshops and the Jahez platform for interactive master classes, aiming to prepare government talent for the future and enhance global competitiveness.
Wafra aims to increase financial planning awareness by 60 per cent, training over 10,000 insured individuals, including new contributors, long-term employees, and eligible university students. The training will equip citizens with the skills needed to manage their savings effectively.
Participants will be encouraged to adopt best practices for financial stability as advised by various UAE institutions and the media. The project’s phases began in November 2023 with financial planning programmes, followed by savings and investment awareness initiatives in January 2024.
The project covers topics like money and debt management, financial terminology, and the role of financial advice in optimal money management and investment. It also highlights GPSSA’s laws on improving retirement options and wealth management, emphasising early financial planning for post-retirement needs.
