Wednesday, June 7, 2023

Global Money Week: Stakeholders canvass improved financial literacy - Punch Newspapers

As Global Money Week comes to an end, personal finance experts have reiterated the importance of financial literacy among Nigerians.

The GMW is an annual global awareness-raising campaign on the importance of ensuring that young people, from an early age, are financially aware, and are gradually acquiring the knowledge, skills, attitudes and behaviours necessary to make sound financial decisions and ultimately achieve financial well-being and financial resilience.

The 2023 commemoration which is the 11th edition is themed, ‘Plan Your Money, Plant Your Future.’

During the week, the Central Bank of Nigeria, Securities and Exchange Commission, the Nigerian Exchange Limited and other stakeholders including 9 Payment Service Bank organised engagements with students across the country to raise awareness of the level of financial literacy in the country.

According to the Central Bank of Nigeria’s Financial Literacy Baseline Survey Report in 2015, financial illiteracy stood at 31.1 per cent in urban areas, while it was 68.5 per cent in rural areas.

Financial illiteracy among men in urban areas was 48.5 per cent, while it was 50.3 per cent in rural areas.

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