Stanbic IBTC Holdings, a member of Standard Bank Group, recently concluded its annual NewSchoolMoney event. The interactive financial literacy programme was targeted at preteens and teenagers and hinges on Stanbic IBTC’s Corporate Social Investment pillar of Education.
Through NewSchoolMoney, Stanbic IBTC aims to provide improved and deepened financial knowledge among the youth in Nigeria.
This year’s edition themed “Making Money Moves” held virtually and was facilitated by experts in the financial services industry who educated the young ones on various financial strategies and tools to achieve financial freedom. The programme was broken down into sessions to accommodate different age groups which enhanced the learning experience. The classes held once a week between 24 April and 05 June 2021.
Demola Sogunle, Chief Executive, Stanbic IBTC Holdings, noted that the acquisition of money management skills by young people was a precursor to their financial independence. He added that the organisation recognised the importance of grooming young ones to make responsible decisions related to wealth building.
On the relevance of the initiative, Demola said, “We put together this initiative to provide young Nigerians with the tools to manage money judiciously, develop good financial foresight and be socially responsible. The goal of the programme is to adequately equip preteens and teenagers with the knowledge to enable them set financial goals, earn money, save, invest, and protect their assets”.
Olumide Oyetan, Chief Executive, Stanbic IBTC Pension Managers, also commented that the initiative’s goal was to provide a solid financial literacy foundation for preteens and teenagers, which they can build to foster better decision making later in life.
Davida Echetabu, Regional Manager, Stanbic IBTC Pension Managers, and one of the event facilitators, urged the young attendees to cultivate a savings and investment culture. She emphasised that this was a prerequisite to long-term value creation which would help preserve one’s desired lifestyle even at old age.
Oyeyinka Oyekan, Wealth Manager, Stanbic IBTC Asset Management, encouraged participants to create a wealth flow by leveraging their skillsets and talents to increase their value in the marketplace.
Uzoaru Onuoha, product manager, Stanbic IBTC Bank, also shared practical and insightful experiences on managing one’s emotions in financial planning. She stressed the importance of developing emotional intelligence to aid sound decision-making.
Through the Stanbic IBTC NewSchoolMoney initiative, the organisation encouraged young people to grow wealth by spending judiciously and investing in financial instruments such as mutual funds, stocks, treasury bills, bonds, and other financial assets that would yield long term returns for them.
Stanbic IBTC further reiterated its commitment to continue engaging the younger generation in meaningful ventures to help them acquire relevant skills that will benefit them and society in the long run.