SEC Restates Commitment to Improved Financial Literacy
The Securities and Exchange Commission (SEC) has said it will continue to improve and boost financial literacy among young people. The Director General of SEC, Mr. Mounir Gwarzo stated this during a mentoring session for students from various schools in Lagos as part of activities to mark World Savings and Financial Literacy Week.
Gwarzo, who was represented by Director of Market Development Department, SEC, Mr. Henry Rowlands, said the commission would improve financial literacy of Nigerians, explaining that poor financial literacy has been identified as one of the factors responsible for the low level of financial inclusion.
He stated that the commission had similar sessions in Kano and Port-Harcourt last year, while bringing the session down to Lagos this year.
The theme of this year programme was ‘Promoting awareness on how to save money.’
The SEC boss advised the students to always develop the habit of savings.
â€œWhen you are going to school and they give you pocket money, you donâ€™t have to exhaust your pocket money. Begin to plan and say, I want to have some money kept somewhere. Make up your mind today that whatever money that comes to your hand, you to keep a little out of it,â€ he said.
Chairperson, Technical Committee on Financial Literacy Week, and the CEO, United Capital Plc, Oluwatoyin Sanni advised the students to cultivate the habit of saving.
According to her, if we do not save, then essentially we have no future. It is very important for us to engage with young minds and enlighten them because the students which represent 100 per cent of our future have to learn from early age the importance of savings.
â€œIf our young ones learn early enough about the discipline of delayed gratification, knowing that you cannot satisfy all your wants today and have to set aside something from today’s earnings to provide for the needs of the future. If we can pass this message correctly to the youths of today and imbibe it in them, this will brighten the future,â€ said.
The World Savings Day is observed annually across the globe on every October 31 to inform people all around the world about the idea of saving their money in a bank.
SEC, through a Technical Committee on Financial Literacy Week, comprising representatives of regulatory bodies, capital market operators and the media, have continued to take financial literacy awareness campaign to schools across the country.