The Nigeria Deposit Insurance Corporation (NDIC) on Wednesday sensitised six Secondary Schools in Kwara State on the importance of financial savings to mark the 2022 World Savings Day.
The theme of this year’s programme is tagged: “Savings Prepare You for the Future”.
In his paper presentations, Chima Onyechere, the former Zonal Controller of NDIC, in Kwara urged the young children to inculcate the habit of savings which he explained, can mitigate unforeseen occurrences and contingencies.
He explained that the model of savings which is ’20:10:70′, emphasised that 20 percent goes for savings, 10 percent to charity and 70 percent to necessities.
“The model says you save 20 percent of your income, give 10 percent to charity and spend 70 percent on yourself,” he noted.
Onyechere added that savings afford people to acquire properties and prepare the mind for future opportunities.
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He stressed the need to reach out to the younger ones in order to imbibe the habit, even as he noted that World Savings Day which is also known as World Thrift Day highlights the necessity of saving for the future.
According to him, there are many reasons why one would need to save, including retirement, education, property purchase and marriage among others.
“We all have been in situations when we required extra money and we wished that we had savings for it. That’s why savings is very important, especially in today’s volatile conditions of our world where we are seeing inflations rising all over the world because of many reasons hence it is always better to be prepared for any circumstances,” he said.
Onyechere listed the motives for savings to include; transaction, speculative and precautionary, adding that people can save through the banks, buying properties or through group contribution.
He however warned against patronising any financial institutions that are not registered with NDIC, saying all ponzi scheme enterprises should be avoided.
Also speaking, Hamza Umar, the new Zonal Controller of the Corporation in Kwara added that the primary mandate of the Corporation is to protect depositors, through supervision to ensure the safety and soundness of banking institutions, and the interest of creditors and shareholders is also protected.
“The Corporation supervises banks so as to protect depositors; foster monetary stability; promote an effective and efficient payment system, and promote competition and innovation in the banking system,” he said.
Umar explained further that Banking supervision is an essential element of the scheme as it seeks to reduce the potential risk of failure and ensures that unsafe and unsound banking practices do not go unchecked.
He, therefore, advised the school children to save little out of their pocket money, so as to use it on a rainy day.
In their different appreciative remarks Mary Adeosun, the Kwara Commissioner for Education and Human Capital Development commended the corporation for the awareness programme.
Also, Agunbiade Oladapo, the Principal of Bishop Smith Secondary School also commended the corporation, adding that this will go a long way to shape the student spending habit and ensure savings.
