Ecobank advises pupils on savings culture

Ecobank Nigeria has tasked Nigerian pupils on the need to save money, saying that it is a profitable financial culture.

The bank gave the prompting during an interactive session with the pupils of Edgerly Memorial Girls Secondary School, Calabar, Cross River State, at a sensitisation programme to mark this year’s World Savings Day, recently.

The Managing Director, Ecobank, Patrick Akinwuntan, listed the various channels of savings such as bond , fixed deposit, mutual funds, money market funds and stocks, among others.

According to him, the tradition of saving is always profitable, especially when adopted early in life.

“Saving money with banks created financial independence, ability to attend to unforeseen emergencies, and enhances stress-free life,” he said.

Akinwuntan, who was represented by the Regional Head, South-South/South-East, Mr Godwin Eton, said that keeping money in banks reduced the risk of spending, theft and enhanced chances to earn interest and grow income.

He urged the pupils to open an account with any bank and save at least 10 per cent of their pocket money to meet specific projects or goals.

The Ecobank managing director also advised parents and guardians to give their children and wards the needed support in this regard.

He said, “I urge you to be committed to savings, no matter how little it is. You can even come together as students and form a savings club. Your money will grow as it will earn interest and you will be able to save to meet future needs.

“Savings help you become financially responsible and stable. The earlier you start saving, the easier it will be for the future.”

A statement from the company said the session provided the opportunity for the pupils and teachers of the school to interact with the Ecobank team, ask questions, and obtain clarifications about savings, bank operations and financial independence.

“The World Savings Day is an event created to increase the public’s awareness of the importance of savings, both for modern economies and for individuals,” it added.

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