CBN Tasks Students On Savings Culture To Secure Future

The Central Bank of Nigeria (CBN) has advised young secondary school students in the country to imbibe the culture of financial savings to better secure their future, saying young people must think about their future in making financial decisions.
The apex bank believes that the earlier children and youth learn about money management, savings and budgeting, the better they will manage their finances throughout their lives.

Deputy governor in charge of financial systems stability at the CBN, Philip Ikeazor made the call yesterday at a school mentoring programme to commemorate the 2024 Global Money Week celebrations at its Abuja headquarters. The theme for this year’s edition is “Protect your money, Secure your Future,” which stresses the importance of learning from an early age.
Mr Ikeazor emphasised the importance of not only making money, but also understanding frauds and scams, saving, and investing for the future. “Equipped with such skills at this young age will enable you to achieve financial independence and a financially secure future.

“Truth be told, having an income, and making a substantial amount of money does not guarantee financial security. What is important is your ability to develop and hone skills and attitudes to manage your financial resources to have a secure future.”
He said it was also vital for the students to know the types of frauds and scams, how to respond to scammers and various ways to protect their money online and offline.
According to him, it also implies knowing how to report to a bank if one does have an encounter with scammers or fraudsters. “In essence, the financial decisions you make today and the education you acquire today have a huge impact on your future.”

Represented at the event by the director of the consumer protection department, Nuhu Othniel, Ikeazor told the students that by learning those skills at a young age and with consistent practice, “you will have a brighter future. So, be smart about your money while you are still young; save, budget and become educated.”

Meanwhile, the head, consumer education and evaluation division, consumer protection department of the CBN Gbadamosi Lanre has said Nigeria can create wealth, achieve improved income, better standard of living, and people’s well-being through adequate financial literacy, the Central Bank of Nigeria (CBN) has said.
Lanre said the apex bank was concerned about the low level of financial literacy in the country, which has only risen from 13 per cent to about 33 percent over the years.

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He identified financial literacy as a key component of financial empowerment of the people and inclusion, which has grown to about 74 per cent as of December 2023, from about 68 percent in 2020.
He promised the students that the Financial Literacy Fair and the visit to the Currency Museum will be engaging, educative and highly enlightening. “You will learn about the different banks in Nigeria, the evolution of money and how to open accounts, money management, fraud and scams, and the importance of investing,” he told them.