Ebonyians have been urged to adopt savings culture that would help secure the future.
The Chairman, Chartered Institute of Bankers of Nigeria (CIBN), Ebonyi State chapter, Dr.Livinus Okpara Onuh gave this advice on Monday in commemoration of World Saving Day, celebrated every 31st of October.
He advised Ebonyians particularly students in the State to embrace financial savings and develop financial discipline at all times.
The association in collaboration with the Central Bank of Nigeria embarked on a mentoring programme for secondary students across four Local government areas in the State from October 25 to November 3, 2022, to mark this year’s celebration.
The participating schools were drawn from Izzi LGA, Afikpo North, Onicha LGA and Abakaliki LGA of Ebonyi State.
They include ; Special Science School Igbeagu, Saints High School, Presco Secondary School, Modern Secondary School Amachi, CSMT staff Secondary School and CSS Amasiri, Modern Technical school and CSS Isu all in Ebonyi State.
Speaking during a live broadcast in Ebonyi State Broadcasting Radio, Dr.Livinus stated that the essence of the mentoring programme is to sensitize the people on reasons to put their money in the bank.
Adding that it aimed at encouraging financial prudence and management as well as encourage savings habits among students.
According to him, “the notion to catch them young when you start with students who are still in secondary school and inculcate this culture of savings you will discover that they will start learning financial planning from that early stage, he stated.
He stressed that “the essence is to imbibe savings that will be productive in the economy. And our target is to help our people know that when you save in a bank you will actually help to grow the economy. It helps in economic development”.
He advised members of the public to be wary of apps where they put their money for higher interest, stating that it could be at owner’s risk as its safety is not guaranteed.
” We emphasize on the need to be sure where you put your money. Because if there is an issue, you might not be able to recover the money. Some of these apps we know pay higher interest but when it looks too good, you have to think twice. And that is why people fall prey of Ponzi scheme, MMM and all that. They may pay higher interest but what about the safety of the money? We encourage people to go to banks that are licensed. “
Corroborating with the chairman’s statement, the general Secretary of Chartered Institute of bankers, Ebonyi State Chapter, and the Vice Chairman, National Association of Microfinance Banks in Nigeria, South East Zone, Mr.Ezejitu Paul enlightened the people on the various types of savings and the need to save in the bank.
He maintained that saving in piggy box does not add value to the economy rather leaves the money at the risk of fire or theft.
He further maintained that saving in the bank would help control inflation and improve the economy of the nation.
“If you put the money in your house, you are not helping the economy, you have sterilized the economy, it is not productivity.
“So one of the reasons money should be saved in the banks, is to enable the banks plan properly, help the government control inflation and also for the monetary guidelines as we go ahead in the future.” He stated.
On his part,the first Vice Chairman of CIBN, Ebonyi State Chidiebere Ogbuagu , encouraged Ebonyians to take savings as an expense item and include it in the monthly budget.
He maintained that with the constant inflation witnessed in the country, the only remedy to overcoming such challenge is to save.
” Before we have this notion that savings is after you have done all your expenses, but now savings need to be included as part of the expenses items.
” The needs are many but except you include savings to your budget and be disciplined with it, that is the only way you could save in our economy today with inflation jumping every two weeks.
“No matter how small it is, it can come in handy someday.” He advised.
The World Savings Day is celebrated annually to call attention to the importance of savings as a way to reduce poverty, promote financial literacy, and educate people about saving and managing their finances.