Over 100 children and youths across Lagos schools were thrilled over the weekend as resource persons from Fidelity Bank and CRC CRC Credit Bureau, took them through early-life money management tips.
The children from various schools, who in their numbers converged on the Muson Centre in Lagos, defied the early morning heavy rain and the mid-term break to be part of the epoch making basic financial literacy class organised by the Finance and Business Online Publishers (FiBOP).
Delivering a lecture on the theme “Financial Literacy in a Digital Era: Catching Them Young,” Dr. Tunde Ahmed Popoola, Group MD/CEO of CRC Credit Bureau, who was represented by Osasikemwen Ighilen, in an interactive session drilled the children on how to start their life with prudence through the practical orientation of savings of the little money they get from their parents.
He Admonished the students, who are between the ages of 12 to 18 years, to start planning their future financial independence, urging the kids to imbibe the attitude of keeping aside a fraction of their earnings through a gradual savings process which will eventually become a culture in their lives as they grow older.
Having realised that most of the students have interest in owning their own businesses as well engaging in salary paying jobs, Ighilen, highlighted the significance of developing the savings habit early in life to enable them fulfil their future ambitions.
She advised the students to start with saving part of the pocket money they receive from their parents and others. “That money you get on daily basis when going to school as pocket money, try to save little out of it. You can be saving such in the hands of your parents or you can piggy boxes where you can be keeping that small amount.” She stated.
The CRC spokesperson underscored the importance of self discipline, noting that no amount is too small to save.
Representative of Fidelity Bank, Dan-Preston Nwaokorie, challenged the students to imbibe the culture of financial discipline by setting aside some of the amount of money they get frequently even at their early age.
Nwaokorie said financial responsibility is most needed by everyone including the young ones so that they will be able live well planned fulfilling lives.
” 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 part of you in life even when you eventually start earning salary as a worker.
“You cut your salary into three parts. 50% should go to your needs. 30% can go for enjoyment etc and 20% for your saving every month.” He Admonished the students.
Nwaokorie further encouraged the students to open “Sweeter Account” being run by the Bank specifically for children from where they can learn to grow their assets into bigger savings later in life.
“Savings is not about how much you have at hand, but is about discipline,” he explained.
Other top lenders and organizations that partnered with FiBOP in this exercise include United Bank for Africa, UBA, Ecobank, Polaris Bank, Access Bank and Sterling Bank as well as the TinCan Island Port Command’of the Nigeria Customs Service,NCS.
Earlier in his welcome address, FiBOP President, Charles Onwuatogwu, said the aim of the programme is to expose the participants especially the young ones to the benefits of savings.
Onwuatogwu called on the Federal Government to include finance literacy and management into early school curricular so as to build the young ones on financial management and accountability in life especially in this digital era.
