World Savings Day: NDIC teaches students how to save for future

The Nigeria Deposit Insurance Corporation (NDIC) yesterday marked the 2017 World Saving Day event to teach students how to save for future benefits.

The Corporation celebrated the event with students from about 16 secondary schools from FCT and Nasarawa state where it highlighted how failure to save has left many families struggling to feed and to survive.

NDIC Principal Manager, Research and Planning Department, Mr Sampson Hamilton said at the Government Secondary School Gwagwalada, where students from the school and others from GSS Dukpa, GSS Hajj Camp, GSS Dobi and GSS Kwali gathered for the event that saving will help them to overcome many challenges as they grow up, such as paying accommodation, taking care of loved ones and gaining financial independence.

He urged them to resist the temptation to spend from their savings unless when necessary and avoid dubious schemes that are not legally approved by the Central Bank of Nigeria or the NDIC.

In Keffi, Nasarawa State, Mr Ibrahim Aliyu, from NDIC, charged the students at Government College, Keffi also advised them to form savings club in their various schools and open accounts with financial institutions, adding, “Money saved should be placed in a financial institutions for safe keeping and to earn interest on your money. This reduces the risk of spending, theft, and gives your money the chance to grow.”

He further admonished the students to avoid expensive items and live within their means even as he disclosed to the students that the best forms of savings include pension, insurance and capital markets.

Aliyu said, “The earlier you start savings, the easier it will be for you in the future; and not only will it help you become financially responsible, but saving right now can make you financially stable.