Awosika, FirstBank execs enlighten youths, teens on financial literacy

FINANCIAL PLAN NING AND STAY ING financially savvy is a skill many adults are paying handsomely to acquire but for some young Nigerian adults and children, these skills were handed to them on a platter of gold when Ibukun Awosika, Chairman of FirstBank Nigeria alongside other executives of the bank and top shots in the financial industry graced them in learning experience few weeks ago.

The experience brought alive through the FirstBank youth empowerment program, brought children, teenagers and youths (ages 10-24) together to educate them about money.

Awosika who took a session with the children aged 10–15 years demystified the importance of having a plan for every unit of money that gets into their hands.

Speaking on her experience after the class, 14 year old Ahmed Bukola spoke with so much enthusiasm about how much she learnt especially on cutting down on expenses to have more money.

Aderemi Banjoko,CEO dkb Markets, in his presentation titled, “Financial Literacy for Youth”, explained why the participants should see financial literacy “as the ability to make informed judgments and take effective decisions regarding the use and management of money.”

He described an enlightened billionaire as the billionaire who understands the principles of giving using the example of a tree in need of seed, soil and water to grow.

According to Banjoko, trees grown through these simple methods of nature can be replanted, sold or cut down to produce other things.

“The same principles apply to real money,” he said. Adding that an investment opportunity like the Firstbank Money Market Mutual fund works in similar manner where compound interest can be accumulated over time with the little amount the child decides to invest.

The participants were further exposed to emotional and health preparedness for the task of handling finances.

Modupe Kazeem CEO, hopeful hearts foundation and Maymunan Kadiri, founder Pinnacle Medical Services enlightened the kids on the benefits of mental health and taught them on how to manage stress.

Kadiri who is a medical doctor by profession shed more light on the causes of depression using the similar letters in depRESSion and stRESS as pointers to key words such as R- Relationships, E- Experience, S- Sleep (lack of it), and S- Sexual abuse or Substance abuse.