Ime Akpan
Resources persons from CRC Credit Bureau and Fidelity Bank Plc have advised students to imbibe the culture of financial discipline during their formative years.
Such a habit, they said, would have a strong influence on their finances for the rest of their lives.
They gave the advice to secondary school students at a summit themed ‘Financial literacy in a digital era: Catching them young,’ organised by the Financial and Business Online Publishers (FiBOP) and held at the Muson Centre, Onikan, Lagos.
In his presentation, the GMD/CEO of CRC Credit Bureau, Dr. Tunde Popoola, who was represented by Ms Osasikemwen Ighilen, began asking the students what they would want to become in future.
Realising that most of them had interest in owning their businesses, he said their future pursuits could only be achieved when they begin saving from that moment they voice out what they want to be.
He went on to lecture the participants who were aged between 13 and 18 years old on how to be prudent by saving the little money they get from their parents.
“Save gradually and it will eventually become a culture in your lives as you grow older.
“That money you get on a daily basis when going to school as pocket money, try to save a little out of it.
“You can be saving such in the hands of your parents. But if you know you might not be able to retrieve such from your parents whenever you need it, then you can buy a small personal savings box (piggy bank) which you can keep that little amount.
“No amount is too small to save. Anyone who does not discipline himself by saving from that little amount will not be able to save even when such a person is in a position of getting bigger amount of money,” he said.
For his part, the MD/CEO of Fidelity Bank, Mrs Nneka Onyeali-Ikpe who was represented by Mr Dan-Preston Nwaokorie, said the culture of sound financial management starts from early age.
She advised the children to avoid over-spending.
Onyeali-Ikpe said financial responsibility is most needed by everyone including the young ones so that they will be able to live a well planned life.
“When you are given pocket money by your parents, try to avoid buying what you may not need at that moment. By the time you train yourself on savings it will become a part of your life even when you eventually start earning a salary as a worker.
“When you have formed the habit of saving, when you start earning a salary you will be able to save also. This is the way you can save; you cut your salary into three parts, 50% should go to your needs; 30% can go for enjoyment, and 20% for your savings every month,” he said.
He also charged the participants to join Fidelity Bank’s ‘Sweeter Account’ to grow their savings.
“Savings is not about how much you have at hand, it is about being prudent with even the little that you have,” he added.
Earlier in his welcome address, the president of FiBOP, Mr Charles Onwuatogwu had explained that the theme of the summit was informed by the need to “raise financial awareness among secondary school students across the nation beginning with Lagos state, equipping them with the necessary skills for efficient funds management and future financial endeavours.”
He also stated that the event “is guaranteed to benefit participants and youths and inculcate in them a culture of savings and investment as well as efficient utilisation of resources.”
Besides, Onwuatogwu said the summit would provide a platform for policymakers and financial experts to discuss money management fundamentals and new developments in financial education.
“We strongly believe that early financial education is crucial for the development of sound financial habits that will benefit these youths and students throughout their entire lives.
“I call on the federal government to make financial studies part of the curricular in senior secondary schools in the country. This way the incidence of fraud will be reduced to its barest minimum as a better financial knowledge will not only make them better funds managers but also assist them to identify possible red flags in financial transactions more easily.
“FiBOP hopes by this summit to contribute to the growth and development of Nigeria’s financial economy,” he added.
He expressed his appreciation to the speakers and partners who contributed to making the event a success.
The summit was sponsored by UBA, Fidelity Bank, Polaris Bank, Access Bank and CRC Credit Bureau.
