Financial Literacy: Stanbic IBTC Empowers Youth
By Modupe Gbadeyanka
In recognition of the importance of financial literacy in making informed financial decisions, Stanbic IBTC Holdings Plc, a member of Standard Bank Group, deployed its senior personnel to 31 schools across six selected states in the country in line with CBN’s financial literacy drive to educate students on the benefits of financial planning and a savings culture.
The initiative was part of activities to commemorate the 2018 World Savings Day on October 31, 2018. Students of Ibadan Grammar School Oyo State were mentored by representatives of the leading financial institution which stated that the importance of acquiring relevant skills early in life is so they imbibe and inculcate financial disciple in the children so as to ensure they are capable to taking charge of their own financial future in a world that is constantly increasing in its complexity.
The Chief Executive, Stanbic IBTC Holdings Plc, Mr. Yinka Sanni who was represented by Mr Adekunle Akinbowale, Head, Personal and Business Banking Operations, Stanbic IBTC Bank Plc, stated that the importance of arming the students with the rudiments of financial literacy is key to personal and economic growth.
“This is a project that is very dear to Stanbic IBTC Group. We clearly recognize the correlation between financial literacy and sound financial decision-making, on one hand, and the strategic role of qualitative education in stimulating socio-economic development, on the other,” Mr Akinbowale stated.
The sessions were held in an extremely interactive and fun learning atmosphere which ensured maximum impact and adoption.
Stanbic IBTC aims to help the students gain the knowledge, skills and confidence to make informed financial decisions, particularly on how to start saving money for their future needs.
Introducing the students to financial concepts that will be applicable throughout their lives, and applying them to the real scenarios which they face daily as well as scenarios they would face in the future them today and which they will face in the future was a major aspect of the sessions.
They were taken through the basics of financial goal-setting, investing, saving, budgeting, managing debt, and understanding credit reports.
Given that education is one of Stanbic IBTC Group’s major corporate investment focus-areas, Mr Akinbowale pledged that Stanbic IBTC will continue to explore opportunities towards a sustainable development of the education sector in Nigeria, including facilitating a better future for Nigerian children through the provision of quality learning environments and tools.
He enjoined the students to strive to achieve their potentials, noting that a comfortable future life is directly tied to proper planning, investing wisely and making regular savings.
Embracing the tenets of savings very early in life, he emphasized, is instrumental to having future happiness, also in attendance were, the vice principals of the schools and BM’s from Stanbic IBTC Bank, Oyo State.