Key highlights
- The average age of an account holder in the capital market was over 50 years.
- The Commission is encouraging capital market operators to develop technology so that the market will become more attractive to youths.
- Global Money Week (GMW) promotes efforts aimed at improving the financial literacy of young people.
The Securities and Exchange Commission (SEC) said the reason it is encouraging capital market operators to develop technology is to make the capital market more attractive, as fintech is seen to be an important gateway for youths to enter the market.
Director General of the SEC, Mr Lamido Yuguda, stated this while commenting on the weeklong commemoration of the Global Money Week slated to hold from March 20 to 26, 2023.
Young people not participating in the market: He noted that the average age of account holders in the capital market was over 50 years. This means that many young people were not participating in the market. And when young people are not participating in any market, that market is doomed to fail.
Need for fintech: Yuguda emphasised that the Commission is encouraging capital market operators to develop technology so that the market will become more attractive to youths.
- “That is why we are improving our Know Your Customers; we are improving so many things to make it easier for them. That is why we are introducing this fintech. We are allowing this fintech to come because we see fintech as an important gateway for youths to enter the market. We are conscious of that and we are working towards it.”
According to him, the commission is implementing various initiatives to ensure that products and offerings in the market are accessible to both the young and old which will further deepen the market.
- “And young people today prefer to do things on their phones; if you have to fill a stack of forms manually young people won’t do it. We want to make investing in the capital market a fun experience,” he said.
Financial awareness for children and youths: Yuguda stressed the need for children and young people to develop sound financial habits, knowledge, attitudes, and behaviours from a young age.
He noted that the Commission will help them to know how to manage their finances throughout their lives and be empowered to make better financial decisions for their future.
Yuguda stated that the earlier children & youth learn about money, saving, investment, and budgeting the better they will manage their finances throughout their lives.
- According to the DG, “Plan your money, plant your future” is the official theme of GMW2023. This theme aims at raising awareness about the importance of adopting a responsible, informed, and forward-looking approach to making financial decisions. It also recognises that future individual financial well-being is strictly linked to the health of the planet and society as a whole
- “This year’s Global MoneyWeek2023 GMW2023 is a great opportunity for everyone to engage children, youth & young people in activities around the theme”.
Yuguda stated that the celebration of the weeklong event by the Commission will include visits to schools in Nassarawa and Gwagwalada, a visit to the NGX by 150 students and a ringing of the bell at the NGX among other activities.
What you need to know: Global Money Week is an event organized by the Organisation for Economic Co-operation and Development (OECD) International Network on Financial Education with the Central Bank of Nigeria responsible for coordinating the event in Nigeria. It 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, attitude, and behaviours necessary to make sound financial decisions.
GMW promotes efforts aimed at improving the financial literacy of young people. The ultimate goal of the campaign is to ensure that all children and young people have access to high-quality financial education, learn about money matters, and can take smart financial decisions that can improve their future financial resilience and financial well-being.
The week is the world’s largest money awareness campaign for children and youth to learn about money managing skills through fun events and activities in over 100 countries worldwide adding that the earlier children & youth learn about money, saving, investment, and budgeting the better they will manage their finances throughout their lives.