The Managing Director, Ecobank Nigeria, Patrick Akinwuntan has called on students and youths to imbibe the habit of saving, stressing that it would make them financially responsible and stable. Akinwuntan made this submission during a lecture to mark this year’s World Savings Day at Ahmadu Bahago Secondary School, Minna, Niger State.
Represented by the Zonal Head of Operation, North Central, Mr. Sadiq Adeyemi. Akinwuntan described saving as money set aside for future use rather than spending it immediately, adding that it is also an income earned that is not spent.
“I urged you to give priority to saving a portion of funds that come your way. This should be deliberate and intentional. Savings will create room for your financial independence, and it will enable you to handle emergency situation, pay for accommodation, education, self development, retirement and vocational lifestyle, while also ensuring a guaranteed future”, he said.
He pointed out that savings would create room for financial independence and helps in times of emergencies; it also helps address vital needs such as accommodation, education, self-development, retirement and vocational lifestyle.
The Ecobank MD urged the students and staff of the school to approach a financial institution to open a savings account, stating that such savings would in turn earn them interest. “To the students, learn to save at least 10 per cent of your pocket money and watch your money grow by way of interest payment by your bank.”
He further stated that saving in a bank would give them access to loans. He appealed to parents to encourage their wards/children to inculcate the habit of saving their money in a bank at their young age, saying such behaviour would not only make the children financially prudent but will also discourage them from social vices such as stealing.
He observed that money not saved in bank is prone to theft, misplacement and could get lost in the event of fire outbreak.
The World Savings Day (WSD) initiative is set up by the Bankers’ Committee through its Financial Literacy and Public Enlightenment Sub Committee (FLSC) for children and youths in secondary schools nationwide, both public and private, with the aim to educating them on the essence of saving.