Financial literacy will promote concept of saving, investment among pupils – Laidi

As part of activities put up to mark 2017 Global money week entitled, “Learn, Save and Earn”, the United Bank for Africa (UBA) Plc has counselled pupils in secondary schools to imbibe the culture of saving and investing money which is a major concept of prudent financial management and financial literacy.

Speaking on the concepts of Financial Literacy Day while educating the pupils of Gateway Secondary School in Abeokuta last week, Ayoku Liadi, Executive Director, Lagos and West of UBA Plc, said the pupils must imbibe the culture of saving a fraction from their pocket money and gifts and practise speculative motives for which money is demanded in order for them to secure their future.

Liadi requested the pupils to take a cue from successful business men and women in Nigeria such as Tony Elemelu, Aliko Dangote and Folorunso Alakija, saying: “they all started from saving their small earnings as well as reinvest it before they became rich.”

The Executive Director, who made a power-point presentation to the pupils talking about  transactionary, precautionary and speculative motives for which man demands money, said money should not be spent on frivolities and rather be invested wisely, adding that money should not only serve day-to-day needs and contingencies, but must also be invested in worthwhile ventures.

He however, urged them to have a savings goal on specific amount they would save periodically, saying: “Financial Literacy is quite important to pupils. How I wish I had this kind of opportunity to listen to a lecture like this while I was in the secondary school. It is good to know how to learn how to make money, save that money and how to invest that money.

“Stay away from getting rich quick. Do not engage in fraud or fraudulent activities. Get away from the culture getting rich quick. Don’t steal your parents’ or guardians’ money because you want to save. Work hard and be focused.”

The Executive Director later donated books and other instructional materials on financial literacy and prudent financial management to the school’s library, just as he presented gifts to the pupils who contributed meaningfully during programme.