CBN Educates Young Students On Savings Culture

As part of activities to mark the 2023 Global Money Week, the Central Bank of Nigeria (CBN) has educated students on the rudiments and significance of future savings.
CBN said the money savings teaching session for young students across the country was aimed at encouraging students to save for the future even in times of little incomes.
The Head, Consumer Education Division of the Consumer Protection Department In CBN, Chinyere Jane Nwubilo, while addressing attendees at the event that was held on financial inclusion by the apex bank, noted that without financial literacy children of young age would not be able to imbibe financial discipline.
Nwubilo said the essence of the financial education session for the students was to educate them on financial discipline to enable them acquire financial capability that would help them to have financial wellbeing.
“We are trying to catch the children young to be able to save, to earn to invest at a very young age. We are celebrating with the rest of the world and CBN is the coordinator of all stakeholders in this celebration.
“The essence is just to inculcate in them the act of saving. They can save from whatever little they have”, she stated.
Nwubilo urged Nigerians to plan their money through savings, budgeting and investment.
She said the event was also organised to teach children on needs and wants to have a secured and stable financial future.
“You will have to separate your needs from your wants so that you don’t spend all your money on wants and not have savings to invest”, Nwubilo said.
On responsiveness of financial institutions in encouraging people into the financial system, Nwubilo said the apex bank has encouraged the financial institutions across the nation to as much as possible, drive down financial literacy with a focus on achieving financial inclusion.
The aim is to get them to understand how to develop saving culture and products that fit their category.
Nwubilo further stated that the department would push for the additionsion of in school curriculum.
“Yes, that is in the pipeline because there is need for us to ensure continuity. So, we are going to have financial education in school curriculum very soon”, she said.
The significance of Global Money Week is an annual event celebrated all over the world and the theme for this year is “Plan Your Money And Plant Your Future”.