One hundred students of the Lagos University Teaching Hospital (LASUTH) have been trained in financial literacy in a bid to prepare them to withstand the challenging national economy.
The 100 biomedical students of the Nigerian Medical Laboratory Science Students Association (NIMELSA) of the University of Lagos were trained by Pan African Capital Foundation to build their skills in financial literacy.
The training which is to expose the students to be deliberate with all decisions on their finances would also help them to make better decisions on their expenditures than falling for peer pressure.
The Foundation which is an arm of Pan African Capital (PAC) Securities said the import of the training was to build an army of sound financially literate youth population that would grow into the future as adults with sound skills in financial management to themselves, family, and the society.
In a release made available to the Nigerian Tribune, the programmes officer (PAC), Joshua Dominic, said, “At PAC Foundation, we are committed to empowering young people and fostering positive societal change.
“Financial literacy is a crucial skill that can impact all aspects of a person’s life. We believe by equipping young people with this knowledge, we can help them build a secure and prosperous future.”
He noted that the training is appropriate, especially, now that times are tough and only those equipped with financial literacy could weather the storm calculatedly in their present economy and globally when so confronted
The programme featured case study discussions among groups of students and presentations from financial expert Mr. Charles Okonkwo, MD, PAC Securities.
According to the MD, the Foundation targets students because “Students face a unique set of financial challenges due to limited income and often a lack of financial literacy,”
He highlighted a few other specific financial challenges students face, including the difficulty of working to cover expenses and social pressure to spend from peers. These, he noted, can lead to challenges in balancing academic commitments and lead to overspending, especially for students living away from home.
Mr Okonkwo emphasized the importance of developing good financial habits early on, including creating a budget, prioritising needs over wants, investing early, focusing on education, and building valuable relationships.
He told the students that “By following these financial tips and developing good money habits early on, students can set themselves up for a successful financial future.”
Oje Duna Oluwide, President of the Nigerian Medical Laboratory Science Students Association (NIMELSA), LASUTH chapter, commended the PAC Foundation and PAC Securities for their financial literacy program.
“Our members were hungry for this knowledge,” Oluwide says. “The program provided valuable insights into saving, investing, and different investment options like stocks and bonds.”
Ahoa Victory Enola, says attending the Pan-African Capital Foundation’s Financial Literacy Day event was a ‘five out of five’ experience this training on the 18th Day of April will remain indelible in my mind and would guide my financial transactions henceforth.
Enola learned crucial financial skills like budgeting and investing and gained a new perspective on managing wants vs. needs. “Money isn’t difficult to have,” she says, “it’s about knowing how to manage it.”
The PAC Foundation plans to continue its financial literacy initiatives with a program focused on World Savings Day in October. The foundation is committed to building a financially literate youth population to make informed decisions and achieve long-term financial success.
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