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As Global Money Week comes to an end, personal finance experts have reiterated the importance of financial literacy among Nigerians.
The GMW is an annual global awareness-raising campaign on the importance of ensuring that young people, from an early age, are financially aware, and are gradually acquiring the knowledge, skills, attitudes and behaviours necessary to make sound financial decisions and ultimately achieve financial well-being and financial resilience.
The 2023 commemoration which is the 11th edition is themed, ‘Plan Your Money, Plant Your Future.’
During the week, the Central Bank of Nigeria, Securities and Exchange Commission, the Nigerian Exchange Limited and other stakeholders including 9 Payment Service Bank organised engagements with students across the country to raise awareness of the level of financial literacy in the country.
According to the Central Bank of Nigeria’s Financial Literacy Baseline Survey Report in 2015, financial illiteracy stood at 31.1 per cent in urban areas, while it was 68.5 per cent in rural areas.
Financial illiteracy among men in urban areas was 48.5 per cent, while it was 50.3 per cent in rural areas.
Speaking with our correspondent, a personal finance expert, Kenneth Doghudje of MoneyTalkng, commended the activities of stakeholders during Global Money Week but said that efforts need to be doubled.
He said, “The importance of financial literacy cannot be overemphasised especially as there are challenges that people face living successful, happy and purposeful lives. Money is a very important tool. It is a means to an end. Because the topic of money is not being taught in schools, it is important that people get to understand money when they get out of school and that is why financial literacy is very important.
“A successful life in many instances for people can be adjudged by how well are you able to build and develop wealth to be successful and to be comfortable.”
According to him, people must understand money- how it works and how they can use it to achieve their goals.
“What efforts are being done now need to be doubled or tripled or increased so that more and more people can understand money, especially people, adults who are having to make money decisions on a daily basis. They need to understand it better,” he asserted.
