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Key highlights
- The typical age of an account holder within the capital market was over 50 years.
- The Fee is encouraging capital market operators to develop know-how in order that the market will change into extra enticing to youths.
- International Cash Week (GMW) promotes efforts aimed toward bettering the monetary literacy of younger individuals.
The Securities and Trade Fee (SEC) mentioned the rationale it’s encouraging capital market operators to develop know-how is to make the capital market extra enticing, as fintech is seen to be an essential gateway for teenagers to enter the market.
Director Basic of the SEC, Mr Lamido Yuguda, said this whereas commenting on the weeklong commemoration of the International Cash Week slated to carry from March 20 to 26, 2023.
Younger individuals not taking part available in the market: He famous that the common age of account holders within the capital market was over 50 years. Because of this many younger individuals weren’t taking part available in the market. And when younger persons are not taking part in any market, that market is doomed to fail.
Want for fintech: Yuguda emphasised that the Fee is encouraging capital market operators to develop know-how in order that the market will change into extra enticing to youths.
- “That’s the reason we’re bettering our Know Your Prospects; we’re bettering so many issues to make it simpler for them. That’s the reason we’re introducing this fintech. We’re permitting this fintech to come back as a result of we see fintech as an essential gateway for teenagers to enter the market. We’re acutely aware of that and we’re working in direction of it.”
Based on him, the fee is implementing numerous initiatives to make sure that merchandise and choices available in the market are accessible to each the younger and previous which can additional deepen the market.
- “And younger individuals at the moment favor to do issues on their telephones; if you need to fill a stack of kinds manually younger individuals gained’t do it. We need to make investing within the capital market a enjoyable expertise,” he mentioned.
Monetary consciousness for youngsters and youths: Yuguda careworn the necessity for youngsters and younger individuals to develop sound monetary habits, information, attitudes, and behaviours from a younger age.
He famous that the Fee will assist them to know the best way to handle their funds all through their lives and be empowered to make higher monetary selections for his or her future.
Yuguda said that the sooner youngsters & youth find out about cash, saving, funding, and budgeting the higher they are going to handle their funds all through their lives.
- Based on the DG, “Plan your cash, plant your future” is the official theme of GMW2023. This theme goals at elevating consciousness concerning the significance of adopting a accountable, knowledgeable, and forward-looking strategy to creating monetary selections. It additionally recognises that future particular person monetary well-being is strictly linked to the well being of the planet and society as an entire
- “This 12 months’s International MoneyWeek2023 GMW2023 is a superb alternative for everybody to interact youngsters, youth & younger individuals in actions across the theme”.
Yuguda said that the celebration of the weeklong occasion by the Fee will embrace visits to varsities in Nassarawa and Gwagwalada, a go to to the NGX by 150 college students and a ringing of the bell on the NGX amongst different actions.
What you must know: International Cash Week is an occasion organized by the Organisation for Financial Co-operation and Growth (OECD) Worldwide Community on Monetary Schooling with the Central Financial institution of Nigeria chargeable for coordinating the occasion in Nigeria. It’s an annual international awareness-raising marketing campaign on the significance of making certain that younger individuals, from an early age, are financially conscious, and are regularly buying the information, abilities, angle, and behaviours essential to make sound monetary selections.
GMW promotes efforts aimed toward bettering the monetary literacy of younger individuals. The final word objective of the marketing campaign is to make sure that all youngsters and younger individuals have entry to high-quality monetary schooling, find out about cash issues, and may take good monetary selections that may enhance their future monetary resilience and monetary well-being.
The week is the world’s largest cash consciousness marketing campaign for youngsters and youth to find out about cash managing abilities via enjoyable occasions and actions in over 100 nations worldwide including that the sooner youngsters & youth find out about cash, saving, funding, and budgeting the higher they are going to handle their funds all through their lives.
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