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Stanbic IBTC Educates Preteens, Teenagers on Financial Literacy
In a bid to increase financial literacy amongst the younger generation, Stanbic IBTC Holdings
PLC, recently held virtual sessions to educate preteens and teenagers on how to develop a
savings and investment culture.
Through its New School Money Initiative, the organisation aims to improve and deepen the
financial knowledge of Nigerian children. This year’s event which was held virtually, is the
fourth in its series and was themed “The Art of Money: Earn, Save and Invest”.
Representatives from Stanbic IBTC shed more light on subjects to distinguish between wants
and needs, assets and liabilities as well as the importance of making the right financial
decisions. These were communicated using simple relatable videos and illustrations.
The wealth certified professionals demonstrated different ways of achieving financial goals and
meeting unexpected needs such as emergency savings, budgeting and investing, amongst
others.
A total of 703 participants attended the sessions in the three age categories. 53 wealth
facilitators selected across the group from various regions of operations also delivered to the
exciting sessions cut across 18 virtual classrooms. Interactions recorded through the sessions
were a total of 2,166 comments.
Obinna Lewis-Asonye, Zonal Head, Micro Pension and Agency, Stanbic IBTC Pensions Managers,
who anchored one of the sessions, emphasised that earning money is the first step towards
financial freedom, followed by budgeting and investing.
He stressed that participants should inculcate a savings plan to enable them to keep their
money safe while it grows with interest. He said: “To get more money, you must limit your
withdrawal so that your interest can grow.”
Other representatives of Stanbic IBTC emphasised the need to cultivate the habit of saving and
investing as a guarantee towards becoming financially independent. According to them, it is
important to consider the kind of investments that suits your needs, be it long, medium, or
short time. They added that a better future is assured by investing in government bonds,
treasury bills, mutual funds and commercial papers, amongst others.
The hosts described the initiative as essential in imparting financial education in the younger
generation while strengthening their financial management skills and enhancing their
understanding of financial matters. They further encouraged Nigerian children to engage in
meaningful ventures to generate income as a first step towards making money.
150 winners emerged across the sessions from the various tasks which were completed and
were all awarded with Stanbic IBTC Mutual Funds as prizes.
Speaking on the continuity of the initiative, Bridget Oyefeso-Odusami, Head, Marketing and
Communications, Stanbic IBTC Holdings PLC, said that the session will be an annual event as
part of the organisation’s goal to continually increase the number of financial literate
individuals across the country.
Oyefeso-Odusami highlighted the importance of the initiative, noting that financial literacy
should begin from an early stage for easy attainment of financial freedom.
She emphasised the importance of the customers' journey with respect to the offerings of the
organisation being an end-to-end financial services provider.
“One way to build a well-rounded adult is to catch them young. If we can inculcate financial
literacy and investment culture into these young ones, we know that we will have financially
enlightened adults tomorrow. At Stanbic IBTC, we want a future filled with smart, intelligent
and financially enlightened leaders, hence we took this initiative,” she added.