Amby Uneze in Owerri
The staff and students of Owerri Girls Secondary School in Imo State were full of excitement recently as Sterling Bank Plc marked the 2018 World Savings Day in the school.
At the ceremony, students were taught on the need to inculcate the habit of savings against the rainy day.
Managing Director/Chief Executive Officer of the bank, Abubakar Suleiman in a lecture, defined savings as income, not spent or deferred consumption that can be utilised when the need arises other than spending one’s income as soon as the money gets into someone’s hand without thinking of the future.
Suleiman, who was represented by the Regional Business Executive – Retail (South East 1), Ubong Isong, listed several reasons for savings which include; financial independence, emergencies, accommodation, education/self-development, retirement, and vacation, adding that savings should be an intentional act.
He urged the students to learn to save at least, 10 per cent of their pocket money, insisting that savings should target a specific purpose as well as the need to approach a financial institution for such savings which would in turn earned them interest on their saved money.
According to him, there are several dangers associated with money not saved in a financial institution, such as theft, misplacement, incidents of fire outbreak, and tampering with the money at will.
Savings in a financial institution reduces risk of spending, theft, and its gives you’re the chance to grow or generate interest, he said.
He stated that saving in a bank could help a person access loans and appealed to parents to encourage their wards/children to inculcate the habit of saving their money in a bank at their young age, saying such behaviour would not only disciple the child but discourage such child from engaging in corruption and stealing.
Responding, the Vice Principal of Owerri Girls’ Secondary School, Rev. Sis. Clara Ukaegbu thanked the management and staff of Sterling Bank Plc for founding the school worthy for such celebration and promised to assist the students to save as a form of instilling financial discipline on them.
The highlight of the event was drama a series performed by the students on the benefit of saving their money in a financial institution, questions and answers as well as the presentation of a gift ‘money box’ to the school by the bank.