How young Nigerians can leverage financial education to build a saving future

For many Nigerians, the act of saving is something that is often thought of in the subconscious way, especially for the Gen-Z. For many in this age group, understanding that the journey to financial freedom is both a science and art that is embedded in financial education.

Hence, it is important to catch them young as they journey through life leveraging and building a savings culture towards unlocking their future. Safeguarding your financial future is a smart move in a constantly changing world. Learning the art of savings is one of the simplest and most powerful ways to secure the future.

Stowing aside a percentage of your money is not the only thing to do; it is an attitude and a habit that will help you move toward a more secured future.

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“As long as they are old enough to know the importance of money and what it achieves, then, they can also learn the art of saving,” Alex Ohai, head, human resources, 9 Payment Service Bank (9PSB), said while speaking on the theme: ‘Conquer Your Tomorrow Through Savings’ at a recent financial literacy and mentorship programme.

The programme was aimed at nurturing financial literacy among the younger generation, by mentoring pupils on the importance of cultivating a savings culture. According to Ohai, the initiative reflects the bank’s commitment to not only provide financial services but also to educate and empower the future stewards of the economy.

Interestingly, in today’s world, giving up something today for a better tomorrow seems to be passé. Thus, it has proven to be incredibly difficult to cultivate a savings culture. However, it is important to set priorities.

The ultimate question is: How can savings culture be cultivated? The good news is that the art of saving is a form of financial education. This suggests that it can be taught. Charity, they say, begins at home. To save the dying culture of savings, it is important to begin this financial literacy and education campaign on savings from scratch.

According to research conducted at the University of Cambridge, money habits are set at the age of seven, and parents have real power to foster financial literacy at home throughout kids’ lives in various ways.

So, the earlier the children cultivate the art of savings, the better. It is never too early to begin to inculcate the right financial values in the minds of the younger generation. “Financial literacy is key as it leads to our primary mandate of achieving financial inclusion. There is no better time to start than now with students at this level because they are the leaders of tomorrow,” Ohai said.

In marking this year’s World Savings Day in line with the CBN initiative, 9PSB visited Bloomy Berries Primary School Lekki, Lagos, to educate pupils on the importance of savings and its relevance to their future.

“The initiative, which 9PSB has fully keyed into, is championed by the Central Bank of Nigeria. This is a very laudable initiative, as it perfectly fits into our social objective as a bank,” she remarked.

Ohai highlighted the importance of savings for everyone and particularly the need to start early to inculcate these values in children, especially in this digital age. This, she said, is imperative to aid them in making informed decisions and taking action on matters relating to money, which will in turn prepare them for the future.

She further added, “A bank account is like a piggy bank or a kolo as fondly called, but with a bank. You can have a bank account with 9PSB and save your money in that bank account. With your bank account, you will be able to keep your money safe and easily withdraw whenever you like.

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“The bank also issues a debit card which enables you to withdraw the money you have put into the bank. This means, your debit card is connected to your bank account and helps you withdraw money without having to go physically to the bank, especially if your bank is so far away. Asides from a debit card, you can have access to the bank apps in your mobile phone to make transactions,” Ohai said.

According to her, it is not merely a charitable undertaking for 9PSB to mentor students on savings culture; it also represents a future investment. The initiative seeks to develop a generation of financially literate people who can make wise decisions, safeguard their financial futures, and make valuable contributions to the economy by educating young minds about money.

Beyond improving an individual’s financial well-being, these kinds of initiatives also benefit communities because they foster a culture of savings and financial responsibility that not only improves individual lives but also contributes to the prosperity of the country as a whole. Communities with higher rates of financial literacy typically see a rise in economic stability and growth.

The important role that financial institutions can play in fostering a more financially literate and empowered society is demonstrated by the 9PSB initiative. The long-term impact of the initiative on the financial environment and the lives of innumerable young Nigerians are bright and encouraging as it develops and grows.