For many students, saving may seem like a distant priority, but experts warn that developing a saving habit early on can make all the difference in securing a brighter financial future.
In observation of the ‘Global Money Week,’ Benard Chiluzi, a financial education Manager at Old Mutual Malawi, on Thursday visited Ndirande Hills Secondary School to emphasize the importance of saving among students.
“Developing a saving culture from a young age is vital for securing your future,” Chiluzi stressed. “By saving, you’ll be better equipped to handle life’s unexpected expenses and achieve your long-term goals.”
Chiluzi encouraged students to adopt a mindset shift, viewing money not just as a means to acquire material possessions, but as a tool to build a secure future. “Think before you follow and wise money tomorrow” was his mantra, urging students to make informed decisions about their finances.
Saving, Chiluzi explained, is not just about setting aside money; it’s about creating a safety net for unexpected expenses, funding education and career goals, and ultimately achieving financial independence.
With the rise of digital banking and mobile money services, saving has become more accessible than ever. He encouraged students to start saving with minimal amounts and watch their money grow over time.
He concluded by emphasizing that by developing a saving habit, students can unlock a brighter future, free from financial stress and uncertainty. “Saving is not just a habit; it’s a key to unlocking success.”
Mphatso Salamba, a Form One student at Ndirande Hill Secondary School, has expressed gratitude to Old Mutual for imparting crucial knowledge on saving and investment. She said the financial literacy session, which introduced students to Phuka and Fesa, a mobile money savings service, has empowered her to take charge of her financial future.
“I’m thrilled to have learned about Phuka and Fesa,” Salamba said. “This mobile money service has made saving easier and more accessible. I’m excited to start saving and investing for my future.”
