Octagon Africa is excited to announce the launch of its third edition of the financial literacy training program, “Octagon Young Money,” aimed at empowering teenagers and youth aged 8 to 21 years. This transformative program will take place during the December school holidays, from December 9th to December 13th, 2024, across Octagon Africa’s operations in Kenya, Uganda, and Zambia. The initiative is designed to ensure that young individuals do not miss out on this vital learning opportunity during their break.
Commenting on the launch of the program, Octagon Africa Group CEO Mr. Fred Waswa said: “Starting financial literacy young is crucial in preparing our youth for a financially secure future. By equipping them with the right tools and knowledge, we empower them to make informed decisions that will benefit them throughout their lives. At Octagon Africa, we believe that financial literacy is not just a skill but a pathway to a brighter future for our communities.”
This year’s theme, “Money Adventures: Starting Your Relationship with Money Early,” emphasizes the importance of instilling financial knowledge and skills at a young age. The structured course will cover essential topics such as budgeting, saving, investing, and responsible spending.
Research by Frontiers in Education emphasizes that early financial education is critical for developing the knowledge and skills necessary for informed financial decision-making among young people aged 6–18. The review highlights how financial literacy can significantly impact individual financial well-being and broader societal implications, indicating that equipping youth with essential financial knowledge helps them navigate increasingly complex financial landscapes effectively.
Additionally, a report from the Brookings Institution underscores the necessity of starting financial education early, noting that students often do not receive this training until their junior or senior year of high school, leaving them unprepared for adult financial challenges. The report advocates for early interventions, stating that financially literate young people are more likely to make careful decisions regarding budgeting and spending as they grow older.
Mr. Zachariah Chalakashi, Zambia Acting Managing Director said “Teaching financial literacy helps reduce long-term stress related to financial issues, prevents debt accumulation, and promotes independence and responsibility among young people. As they learn to budget and save, they are more likely to grow into financially responsible adults, capable of navigating the complexities of personal finance. By instilling these skills at a young age, we empower the next generation to achieve financial stability and success.”
Furthermore, studies have shown that there is a positive relationship between financial education and improved financial behaviors among youth. For instance, research has indicated that adolescents who receive financial literacy training tend to exhibit better savings habits and are less vulnerable to financial fraud.
“The best time to start financial literacy training is as soon as children can grasp basic concepts, often around the age of three or four. This early introduction allows for a gradual progression to more complex topics as they grow older, ensuring that they are well-prepared for adulthood. By instilling these skills at a young age, we empower the next generation to achieve financial stability and success,” said Mr. Darius Niwaha, CEO Octagon Uganda
Octagon Africa remains committed to empowering its community through education and resources that foster financial independence. The organization recognizes that by investing in the youth today, it is laying the groundwork for a more financially literate and prosperous society tomorrow.
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