The National Pension Commission (PenCom) has stressed the need to educate children on the importance of financial literacy and its benefits.
Director General of PenCom,  Mrs Chinelo Anohu-Amazu, said this yesterday at a sensitisation programme organised for students of Duke Town Secondary School, Calabar, to mark the “2015 Global Money Week Celebrations of NPC.”

In the same vein, First City Monument Bank (FCMB) Limited yesterday demonstrated its commitment towards youth empowerment and development by organising an interactive session on financial literacy for students of Government Girls College, Dala and the unbanked in Kano state. This, according to the bank was part of its contributions towards securing the future of youths, through the adoption of savings and investment culture, by expanding their knowledge base on financial literacy and its principles.

Anohu-Amazu, who was represented by the Head of Research and Corporate Strategy, PenCom, Dr. Faruk Aminu, explained that the programme was organised to create awareness on the various financial services being offered in Nigeria.

Anohu-Amazu added: “The goal of this programme is to promote financial literacy among the future generation of our country with the view of increasing uptake in these services for economic development.

“The idea also is to inspire and educate young people to become conscientious business leaders of tomorrow through the development of right attitudes necessary for success and social responsibilities.”

She said catching the students at a young age was very important in building a society that harnesses its full potential in its journey to success.

She said that the current pension scheme has been re-structured in ensuring that everyone who works receives his or her retirement benefits as of when due.

“The pension reform is a collective national endeavour and therefore every stakeholder, including individuals, youths, corporate and agencies should be part of the vanguard of its implementation,” she said.

Meanwhile, a statement from FCMB explained that the mentoring session, which was anchored by the Executive Director, Abuja/North of the Bank, Mr. Adam Nuru, as part of activities to commemorate the 2015 Global Money Week and Financial Literacy Day celebration, was to impress upon students the importance of saving, entrepreneurship and financial creation with a view to empowering the next generation to be self-reliant and money savvy global citizens.

Nuru, who spoke on the theme: “Growing your Money,” advised the students to avoid spending money on frivolities. He counselled them on the need to open account and develop a habit of saving part of their income, no matter how small.

“Saving your money in a box, wallet or home is a good starting point. However, this method of saving does not grow your money. Money saved at home should be transferred to a financial institution or invested after a while. This reduces the risk of spending, theft and gives your money the chance to grow,” he stated.

According to him, FCMB is determined to ensure that the young ones understand and appreciate the importance of prudent management of resources. He pointed out that, ‘’by being financially literate, youths will be able to build their capacity for future business endeavours thereby securing their future and be free from poverty’’, adding that this will also help to fast-track socio-economic growth of the country.