THE Young Investors Network and the UMB Investment Holdings have jointly set an ambitious target for financial literacy campaign dubbed ‘Save A Cedi A Day Challenge’.
The Challenge is targeted at raising 10,000 investors by the end of the year 2021 from among the youthful populace and the public.
Already, the Challenge has on board some 600 investors who are mainly students and workers. The Challenge provides the opportunity for students in the Senior High Schools and Tertiary Institutions across the country to save and invest the income that comes into their hands.
Investment and Savings culture of Ghanaians over the years has not been encouraging. The Banking crises of 2020 worsened the situation as many lost confidence in the system but the Young Investors Network and the UMB Investment Holdings have decided to continuously encourage more Ghanaians, especially the youth, to invest a consistent amount ranging from one cedi to any amount they could on daily basis to accumulate wealth over a period of time.
Speaking to this reporter, the Founder and President of the Young Investor Network, Mr Joshua Mensah said an independent research they conducted revealed that only 25 per cent of youth really do save and invest.
He then started the challenge in 2018 with Junior High School pupils and Senior High School students with the aim of raising a generation of people who are able to save and invest towards their future.
Mr Mensah said although the initial target group hasn’t significantly changed, the 10,000 investors seeking to be raised is with a broader scope now as all and sundry are being encouraged to participate.
He said this is an approach to whet the appetite of young people into saving and investing towards their future and it serves as a way of catching them young.
Mr Mensah said as part of the challenge, 100 Youth Financial Advisors would be trained on principles of financial management who would then educate and encourage their colleagues and relatives to start investing into their futures, dreams and aspirations.
He said in the future, these 10,000 investors would also be empowered to encourage their peers and relatives, hence increasing the investor of the Ghanaian economy and possibly change the narrative of low saving and investment culture.
Some people were caught in 2020’s financial quagmire because they lacked the needed education on basic financial management adding that it is imperative for everyone to understand how monies are invested and used, as well as where to invest.
He noted that the Young Investor Network partnered the UMB Investment Holdings because of their long-standing record in managing funds and they have proven to be youth friendly in terms of their products and approach.
When it comes to investment, Mr Mensah said one could not walk into a bank or financial institution to save or invest a cedi but with the Challenge, participants could send as low as one cedi through Mobile Money Transfer or the provided Bank Account Number into their account with consistency.
He, therefore, urged young people and the general public to take advantage to increase their wealth through the investment opportunity.