Stanbic IBTC educates preteens, teenagers to boost financial literacy

Stanbic IBTC Holdings PLC, in a bid to boost financial literacy amongst the younger generation, recently held virtual sessions to educate preteens and teenagers on how to develop a savings and investment culture.

The organisation aims to improve and deepen the financial knowledge of Nigerian children through its New School Money Initiative.

This year’s initiative themed “The Art of Money: Earn, Save and Invest” held virtually is the fourth in its series.

Representatives from Stanbic IBTC highlighted on various subjects to distinguish between wants and needs, assets and liabilities as well as the importance of making the right financial decisions using simple relatable videos and illustrations.

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

In attendance were a total of 703 participants in the three age categories and 53 wealth facilitators selected across the group from various regions of operations also delivered to the thrilling sessions cut across 18 virtual classrooms. Interactions recorded through the sessions were a total of 2,166 comments.

Zonal Head, Micro Pension and Agency, Stanbic IBTC Pensions Managers,Obinna Lewis-Asonye, who anchored one of the sessions, noted that earning money is the first step towards financial freedom, followed by budgeting and investing.

Lewis-Asonye urged participants to inculcate a savings plan to enable them to keep their money safe while it grows with interest.

“To get more money, you must limit your withdrawal so that your interest can grow”, he said.

Other representatives of Stanbic IBTC harped on the need to cultivate the habit of saving and investing as a guarantee towards becoming financially independent.

It is important to consider, according to them, the kind of investments that suits your needs, be it long, medium, or short time.

They affirmed that a better future is assured by investing in government bonds, treasury bills, mutual funds and commercial papers, amongst others.

The representatives of the bank also described the initiative as essential in imparting financial education in the younger generation, strengthening their financial management skills as well as enhancing their understanding of financial matters.

They charged the Nigerian children to engage in meaningful ventures to generate income as a first step towards making money.

150 winners finally emerged across the sessions from the various tasks which were competed and were all awarded with Stanbic IBTC Mutual Funds as prizes.

Speaking on the continuity of the initiative, the Head, Marketing and Communications, Stanbic IBTC Holdings PLC, Bridget Oyefeso-Odusami, said that the session will be an annual event as part of the organisation’s goal to continually increase the number of financial literate individuals across the country.

Oyefeso-Odusami stressed on the importance of the initiative, noting that financial literacy should begin from an early stage for easy attainment of financial freedom.

She also harped on the importance of the customers’ journey with respect to the offerings of the organisation being an end-to-end financial services provider.

Oyefeso-Odusami pointed out that “One way to build a well-rounded adult is to catch them young. If we can inculcate financial literacy and investment culture into these young ones, we know that we will have financially enlightened adults tomorrow. At Stanbic IBTC, we want a future filled with smart, intelligent and financially enlightened leaders, hence we took this initiative.”