Heritage Bank Promotes financial literacy among children

Heritage Bank Plc held a financial literacy programme for children at the Nigerian Navy Secondary School, Ojo in Lagos, recently.

Speaking at the event themed:“Our Future Starts with Savings,” the Team Lead, Financial Literacy, Customer Experience & Analytics, Heritage Bank, Ajiri Efeturi, who put 174 secondary school students in attendance through on how to cultivate good saving habits stressed the need for them to be financially literate.

According to her, financial literacy ensures that one could manage his money effectively as well as make one more responsible and able to plan for a secured future.

Efeturi differentiated between needs and wants, noting that needs are what one needs to survive while wants are those things which one would like to have but could really do without.

She also gave some tips on smart spending: make a list of everything you want but always be smart about how one spends his money and the need to be a price detective by comparing prices from different stores.

She enjoined children not to give more than they have but keep some money as savings for the future, also introduced them to the Heritage BUD account for children

According to her, some of the good habits of the account are the need to cultivate the habit of saving, having a financial plan and budget and the need to set aside about 10 percent of their pocket money or cash gifts as savings as well as avoidance of impulsive spending.

On the bad habits of money, Team member, Financial Literacy, Customer Experience & Analytics, Heritage Bank, Chinenyenwa Ozoemena, advised the children to avoid borrowing money, buying stuffs on credit, taking money that is not your own and spending money at once disposal without saving.

The training is in line with the bank’s financial literacy programme aimed at introducing its financial literacy edutainment resources to children and young persons under its BUD proposition. “My day as a banker” is also another unique way the bank promotes financial literacy among children.