Adache: Poor Financial Habits Keep People Trapped in Poverty

Funmi Ogundare 

A Lesotho-based Nigerian chartered accountant and author, Dr Sunday Adache, weekend, identified character, discipline and responsible financial behaviour as critical factors in overcoming poverty, saying access to money alone cannot guarantee financial stability.

Adache made the submission at the unveiling of four of his books in Lagos, titled, ‘Power and Might in Meditation,’ ”Meditational Devotionals’, ‘Cure Poverty Now’ and  ‘Unbelievable Sunday.’ 

The books, he stated combine biblical and spiritual principles with theoretical models of personal financial management to address the behavioural factors that influence people’s ability to manage resources and improve their economic circumstances.

According to him, many people remain trapped in poverty not necessarily because of a lack of income, resources or skills, but because of poor financial habits, indiscipline and an inability to control their appetites and spending behaviour.

He stated: “Money capital isn’t all that people need to come out from poverty. The behaviour, the character, the discipline are equally important.”

Adache explained that a person could earn a substantial income and still struggle financially if they lacked the discipline to manage their resources.

He said some individuals engage in what he described as spending spree before the money comes, adding that their attitude towards money often changes once it becomes available to them.

He stressed that financial management therefore required more than preparing a budget, as individuals must also develop the discipline to adhere to the plans they make for their income.

“You can fail your own budget. You must tell yourself that you are the one who breaks the budget,” he said.

The author maintained that mentorship could also play an important role in helping people develop better financial habits, particularly among those seeking to overcome poverty.

He said people who wanted to assist others should go beyond providing financial resources and help them develop the capacity to manage money responsibly.

According to him, “Effective mentorship can help individuals coordinate their own life, their taste, their appetites, their habits, their behavioural character and their value system.”

He stated that these qualities ultimately determine an individual’s ability to maximise the benefits of whatever resources come into their hands.

The author also advocated reading and meditation as important tools for personal transformation and holistic development.

He distinguished biblical meditation from forms of meditation associated with eastern religious traditions, saying biblical meditation involves filling the mind with scripture, principles and knowledge of God and deliberately reflecting on them.

According to him, such reflection helps individuals process knowledge and apply it to their daily lives.

“Reading generally is what makes you to be able to start transmutation. You, as an individual, begin to transmute from one species of yourself to greater species,” he said.

Adache said reading, meditation and exposure to spiritual, intellectual and constitutional materials could also contribute to mental, spiritual and holistic growth.

He warned that personal growth should be regarded as a continuous process, arguing that individuals who fail to develop themselves risk declining rather than remaining at the same level.

“There is nobody vacuum. You are either going up or you are going down. There is no vacuum,” he said.

Drawing an analogy from accounting, he noted that the human mind and body could depreciate when individuals stopped building on the foundation with which they began life.

He therefore urged people to see themselves as being at a starting point and deliberately work towards becoming better versions of themselves through continuous learning, disciplined living and spiritual development.

Speaking with journalists, the book reviewer and President of CTAS Training Research and Consultancy Centre, Prof. Stewart Mba,  urged young Nigerians, to move beyond merely reading books and deliberately apply the knowledge acquired to their personal and professional lives.

Mba, who is also the President of the Association of Gospel Ministers of Nigeria,  described the books as a practical work capable of helping readers translate knowledge into action.

He noted that the books were different from conventional publications because they were designed not only to impart knowledge but also to equip readers with the capacity to apply what they had learnt.

According to him, “It is one thing to read the book; it is another to apply the science of the book.”

He explained that the books adopt a two-fold approach, combining knowledge acquisition with practical application.

“It’s not just knowledgeable books; they are  practical books. The books make you know and then as well make you do,” he stated.

The cleric and management consultant further emphasised the importance of mentorship, cautioning young people against following mentors without first understanding their background, values and track record.

He said there was widespread misconception about mentorship in Nigeria, stressing that young people needed to examine the credibility and character of those they chose as mentors.

“You cannot have a good mentor without knowing the background of that mentor,” he said.

Addressing the reading habits of young Nigerians, particularly Gen Z, Mba rejected the perception that the younger generation does not read.

He argued that many young people do read but are increasingly exposed to what he described as drifted reading, where readers consume information without necessarily engaging deeply with its relevance or applying the lessons.

“It’s not that they are not reading. Maybe it is a misconception to think that the younger ones are not reading. They read, but it is what I call drifted reading,” he said.