Nigeria Deposit Insurance Corporation (NDIC) yesterday, embarked on an awareness campaign on the importance of ensuring financial literacy among young people
The aim is to ensure that young people of school age gradually acquire the knowledge, skills, attitudes and behaviours necessary to make sound financial decisions and ultimately achieve financial wellbeing and financial resilience. The programme was held as part of lined-up events to mark this year’s global money week.
Presenting a paper titled “Plan your Money, plant your Future,” Dr Waziri Galadima of research department in NDIC taught the students on how to save monies earned or received, spend wisely and invest or put their money into something that will increase in value over time to create wealth and be able to give money or resources to help others in need.
Mr Galadima informed them that they can earn money by working at job as or engage in a business venture by way of creating value for others by offering products or services that they need or want, and earning money in exchange. He took them through the various ways to save for short-term goals or long-term goals either in fixed deposit accounts, savings and current accounts.
The students were thought to always make budgets before spending as it will help them track their spending and plan their finances. “This will help you stay on top of your finances, see where your money is going and stop impulse spending! The first step in creating a budget is to separate your needs and your wants. Needs are necessities that you can’t live without, like rent, airtime and transportation,” Galadima stated.
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