Stakeholders Urge Holistic Financial Empowerment for Children

Omolabake Fasogbon

Finance experts have reiterated the importance of financial literacy for children at an early age, recommending a comprehensive approach that combines  real-world exposure with technical literacy for effective results. 

Linking future success to early financial know-how, they emphasised the values of bridging the gap between theoretical knowledge and practical application, citing findings of how children tend to learn more from observation as they do from direct instructions. 

The experts who gathered in Lagos recently, for the launch of a new book,  ‘Cracking the money Code”, also challenged parents to wake up to the responsibility of exposing their children to money management, a role said to be mostly Ignored or trivialised in homes. 

Speaking at the launch, President of Association of Professional Women Bankers (APWB), Funke Ladimeji, stated that the book, authored by Iyobosa Sorae, offers a crucial guide to children on understanding finance, adding that parents can also trust it as a tool box to direct children through the journey of money management. 

Ladimeji, commended the author for producing the book at this period, urging stakeholders to put their weight behind the authors to extend the impact of the book beyond the country. 

The author, Sorae, explained the idea behind the book to ensure children have a thorough grasp of money, adding that finances can be best demystified at an early age. 

“The book addresses a critical gap in early education, and neglect of teaching money skills to children. As a parent, the greatest thing we can do for our children is to model right, beyond what they were taught in schools. 

“Success in finance requires really both sides of the coin. When real-world experiences fuse with technical literacy, then we can say as parents, teachers, tutors, and guidance, we have raised children who are not just financially aware, but financially empowered, “ she stated. 

The launch featured an insightful panel session involving accomplished entrepreneurs and top banking executives, all of who agreed that   hands must be on deck towards achieving a financially -savvy younger generation.

One of the panelists, Mrs. Ebele John, emphasised the need for parents and guidance to prioritise value teaching. 

She said, “Most mistakes young people make is that they are unable to differentiate between needs and wants. Younger ones should be taught to prioritise value over money, by making them to understand that a value added will eventually translate to money.”

Also present at the launch, a former First Lady of Lagos State, Abimbola Fashola, charged parents to instill transparency in their children’s financial habits by encouraging them to declare and save any money they earn, as a way to curb impulsive spending.

“As parents, we must stay engaged and instill core values that resist negative outside influences. If you don’t teach them at home, someone else, perhaps someone without your values, will,” she added.