The Association of National Accountants of Nigeria (ANAN) has urged Nigerian youths to imbibe an effective financial planning as a means of securing their future.

According to ANAN, financial difficulties associated with post-retirement life is mostly associated with inability to plan at a younger age, urging young graduates and those in service to draw a plan that will accommodate "the rainy days".

At the 2023 annual International Accountants' Day hosted by ANAN FCT 1 Abuja on Friday, the branch chairman Mr. Elisha Andrew Shavah while noting that the current economic realities makes savings relatively difficult urged for discipline and enhanced financial literacy among young persons.

He said the 2023 theme of the International Accountants' Day, "Advancing Financial Literacy for a Sustainable Future" was carefully chosen in order to educate participants comprising youth groups, students and young professionals on the need to embrace financial literacy which he said is a pathway towards financially and sustainably guarding their future.

"Many persons are not literate when it comes to using their finances. If we are well educated on how to manage our finances, it will be an elixir towards the sustenance of our future.

"If as individuals we are not well informed on ways to plan, it would affect the entire society because the society is a collection of individuals", Mr. Shavah stated.

"The moment you attain maturity of the mind, you start planning your life and your finance is very key in this regard. You may not look at the size of your income at the moment, you have to draw your plan around it. What matters most is effectiveness in its utilization and that is why as an association, we are driving the campaign for financial literacy for all", he added.

In his remarks, the keynote speaker and the Coordinator Oil, Gas and Energy Unit of the University of Abuja Business School, Prof. Ishaku Abner said literacy in finance implies knowledge, understanding, capacity and exposure on how to manage finance, noting that it is a key element of policy for inclusive financial sustainability.

"Globally financial literacy rejigs and stimulates inclusive financial growth, bridge socio-economic and inequalities gaps and broaden economic and social outcomes by strengthening consumers' resilience to major financial shocks.

"The increasing complexity of the global economy as a result of globalization has made it imperative for individuals to possess the necessary skills and knowledge to navigate the financial landscape effectively", he noted.

While attributing high financial illiteracy in Nigeria, especially at the rural areas to lack of trust on the digital financial structure, lack of financial consumer protection frameworks, income inequality among others, Prof. Abner urged for utilization of technology to advance financial education.

"In the digital age, technology plays a pivotal role in disseminating financial knowledge from mobile apps to online platforms, to bridge the gap and reach diverse demographics, including underserved populations."

Highlight of the event was award of recognition to deserving individuals.

Those honoured include, Chief of Accounts and Budget Nigeria Air Force, AVM Uche Nwagwu and and his counterpart in the Nigeria Army, Major General Adetokunbo Fayemiwo.

Others are, the Coordinator Oil, Gas and Energy Unit of the University of Abuja Business School, Prof. Ishaku Abner and the Ag. Executive Chairman FCT Inland Revenue Service (FCT-IRS), Mr. Haruna Y. Abdullahi.

Source https://equitynews.ng/2023/11/12/anan-tasks-youths-on-effective-financial-planning/