New Telegraph

Lender promotes financial literacy

Stanbic IBTC Holdings PLC, recently held virtual sessions to educate preteens and teenagers on how to develop a savings and investment culture as part of what the organisation said are its efforts to improve financial literacy amongst the younger generation, In a press release, Stanbic IBTC said that is aimimg to improve and deepen the financial knowledge of Nigerian children through its “New School Money Initiative.” It stated that 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.” At the event, representatives from Stanbic IBTC shed more light on subjects to distinguish between wants and needs, assets and liabilities as well as the importance of making the right financial decisions. These were communicated using simple relatable videos and illustrations.

The wealth certified professionals demonstrated different ways of achieving financial goals and meeting unexpected needs such as emergency savings, budgeting and investing, amongst others. 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.

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