The second annual Arab Youth Survey found that 26 percent of young Arabs had some form of personal debt. The survey was carried out in October 2009, and was carried out through face-to-face interviews with 2,000 people in nine different countries

Some felt that the financial crisis had affected their income levels while others felt that the big concern is the rising unemployment rates. The highest numbers of respondents polled were concerned about the rising cost of living in the Middle East. All three concerns relate to the same bottom line; the financial and economic crisis which has had dramatic and long lasting global effects.

But can it be blamed solely on unemployment and lower incomes, or should we collectively rethink our way of living? Or could it be the proverbial “nothing is ever enough, nothing is ever good enough,” ideology of modern thought and living that has swept across all nations? There is no doubt that we live in a materialistic world in which everything is about what one has and the growing desire for instant gratification. Why is it then that so many Arab youths are in debt?

Saudi Arabian youth has the highest debt of all surveyed, at 52 percent. It was found that most of this liability was due to credit card use. Not far behind was the UAE, with 23 percent of the overall respondents carrying personal debts: bank loans (38 percent), credit cards (32 percent), and last but not least student loans at a whopping (15 percent). Jordan came in at the bottom of the polls as the country with the lowest numbers, with only 8 percent in debt.

The financial crisis has brought forth wide ranging troubles and headaches to many people across the world, and the Arab nations and youth are no exception.

“Consumer confidence in the UAE has significantly increased and consumers appear optimistic about the future”, said Raghu Malhotra, area business head Middle East, MasterCard Worldwide to Arabian Business.

According to Raghu Malhtotra the consumer confidence is increasing. The burning question is this then: Have the Arab youth become blind to their own dire financial situation as a result of all this wayward deficit spending? In other words, just because you can swipe the credit card and it goes through doesn’t necessarily mean that one can afford it.