Stanbic IBTC Holdings PLC, in a bid to increase financial literacy amongst the younger generation, recently held virtual sessions to educate preteens and teenagers on how to develop a savings and investment culture.
Through its New School Money Initiative, the organisation aims to improve and deepen the financial knowledge of Nigerian children.
This year’s event which was held virtually is the fourth in its series and was themed “The Art of Money: Earn, Save and invest”.
A total of 703 participants attended the sessions in the three age categories. 53 wealth facilitators selected across the group from various regions of operations also delivered to the exciting sessions cut across 18 virtual classrooms. Interactions recorded through the sessions were a total of 2,166 comments.
Obinna Lewis-Asonye, Zonal Head, Micro Pension and Agency, Stanbic IBTC Pensions Managers, who anchored one of the sessions, emphasised that earning money is the first step towards financial freedom, followed by budgeting and investing.
He stressed that participants should inculcate a savings plan to enable them to keep their money safe while it grows with interest. He said: “To get more money, you must limit your withdrawal so that your interest can grow.”
Other representatives of Stanbic IBTC emphasised the need to cultivate the habit of saving and investing as a guarantee towards becoming financially independent. According to them, it is important to consider the kind of investments that suits your needs, be it long, medium, or short time. They added that a better future is assured by investing in government bonds, treasury bills, mutual funds and commercial papers, amongst others.