As part of its contribution to strengthening the financial literacy of young people in Ghana during Global Money Week (GMW), the Young Investors Network (YIN) has launched innovative campaigns to train young people in selected colleges in Accra.
These young people from various schools in Greater Accra have been trained on how to budget and prioritize saving with the small amounts they receive from parents.
YIN Founder, Mr. Joshua Mensah urged students to exercise financial discipline by ensuring that their spending and savings are in line with the plans they have set for achieving their monetary goals.
Mr. Mensah said some 500 students were trained in selected schools during Global Money Week. These schools included Christ Mission International School, My Vision Academy, Compassion school, St. Peter’s Anglican 1 JHS, Young Scholars Academy at Ofankor, Ghanaian Child School and Richard Akwei Memorial School.
The Young Investors Network as part of its commitment to educating young people in Ghana introduced some students to a financial game: “Shika Tse”, which helps them prioritize their spending and savings.
This game aimed to train young people to live a culture of savings because there are needs and wants.
Project Manager at YIN, Ms. Lucrecia Mante-Bonsra urged young people to join the network’s challenge titled: “Save a Cedi a Day Challenge”, which aims to empower young people to save as little as GHS 1 each day .
She said there was a need to practice simple finance and money management skills that could help young people learn about money and learn simple saving techniques to develop good spending habits. .
In explaining needs and wants to pupils, Ms Mante-Bonsra said it was important for young people to know exactly what they needed to survive and the things they could do without, as it helps to properly align their finances. .
She urged young people to build their mindset for a successful life because their thoughts, beliefs and attitudes were key determinants of one’s wealth potential.
Global Money Week is an annual global campaign to raise awareness about the importance of ensuring that young people, from an early age, are aware of finances and gradually acquire the knowledge, skills, attitudes and behaviors necessary to take sound financial decisions and ultimately achieve economic well-being and financial resilience.
GMW 2022, which is the 10th edition, was held globally from March 21 to 27, 2022 with the theme: “Build Your Future, Be Money Smart”.