Thousands of Indians move to the UAE each year in search of better lives – often not for themselves, but for their families back home. But the dreams turn into nightmares for many of those who extend their financial liabilities beyond their means.
As The National reports today, more than 700 Indians living in this country committed suicide over the past six years, which translates into an average of more than two cases a week. Crippling debts are thought to be the reason for most of those incidents.
The problem is that some of the estimated two million Indian expatriates who live in this country lack financial literacy. As a result, they often incur long-term debts for short-term gains. A typical example is the recent rush to take personal loans as the value of the rupee hit a record low against the dirham.
Financial awareness is crucial to solving this problem.
This is what welfare organisations such as the Pravasi Bandhu Welfare Trust and the UAE Exchange’s “Mission Zero Suicide” campaign are doing as they make an effort to bring such distressed people back from the brink.
