‘Benefits of financial knowledge among youths’

In the same manner that education and training equip an individual for success in life, so does financial literacy enhance sound financial decisions and lifetime financial security.

This was the submission of Chief Executive of Stanbic IBTC Bank, a member of Stanbic IBTC Holdings PLC, Dr. Demola Sogunle while speaking in Umuahia, Abia State at the commemoration of the 2017 Financial Literacy Day.

According to him, having a solid foundation in financial knowledge keeps the youth ahead of the curve well into adulthood and old age, subsequently impacting positively on the financial services industry.

Nigeria’s banking industry will continue to grow in sophistication, innovation and strength as the youth demography becomes significant in driving the future of banking, he stated.

Sogunle said such significance will ride on the back of more enlightenment powered by such initiatives as the financial literacy project of the Central Bank of Nigeria (CBN).

Mentoring students of Government College, Umuahia, he told them that what makes the financial literacy programme particularly significant is the opportunity it provides them to be exposed to financial literacy very early in life unlike past generations who never had similar exposure, a situation that narrowed their skills on financial capabilities.

The event was part of the 2017 Global Money Week, with theme, “Learn. Save. Earn”.

Over 80,000 students drawn from about 800 schools in the 36 states of the Federation benefitted from the exercise, now in its 4th year.

CBN launched the Financial Literacy Day as a platform to encourage children and young adults in junior and senior secondary schools to understand quite early in life the rudiments of money and its uses.

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“Something as simple as saving money may seem easy, but without a grasp of financial management, an individual may never develop the habit of making sound financial choices and with that comes mistakes and difficulties,” said the Stanbic IBTC chief, adding that saving is an essential part of being financially secure.

Sogunle said students need to understand what money is and acquire basic money management skills such as living within a budget and handling credit and debt, all of which will put them in good stead for better management of finances and future success.

Also, the growing sophistication of society and the attendant need for customized products, services, and solutions means that customers must be sufficiently informed to enable them make appropriate choices and manage their personal finances successfully, he said. In addition, as technological improvements have prompted significant changes in the way the financial services market operates, consumers generally must become familiar with the changing roles in the conduct of financial transactions.

The session touched on topics like how to start saving, benefits of saving, knowledge and planning skills. Apart from the students, teachers, management and staff of the school, the event attracted representatives of the Abia State government, several community leaders, clergies, and other dignitaries from within Umuahia and its environs.

 

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