As Nigeria struggles with harsh economic realities, financial literacy advocate James Emmanuel Nwankwo has urged Nigerians, especially young professionals, to reevaluate their spending patterns and adopt useful coping mechanisms.
Speaking at the Young Professionals Club forum on Wednesday, Nwankwo emphasized that deliberate financial management is the key to stability. “September has come up on us like that unread book we swore we’d finish in January,” he said, presenting a paper titled “Managing and Growing Your Finances: Insights on Coping Mechanisms in the Prevailing Economic Reality.”
Many people avoid this harsh reality, even though not everyone is in the same situation. June 30th was the ideal date for a half-year financial audit; the present is the second-best time. Don’t pass up the chance to reorganize, revitalize, and realign your finances.
He pointed out that for many young Nigerians, managing their money well was now more important than earning a lot of money. Today’s typical young Nigerian is balancing a number of demands, including rent, tuition, family support, and future planning. Financial skills, which are rarely taught in schools or even by traditional advisers, are necessary to master this balance, he said.”If income earners struggle to pay rent, school fees, and basic bills while actively employed, what then happens if those sources of income are truncated? What happens when there are no emergency funds or pensions to fall back on?” he said, highlighting the dangers of inadequate planning.
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