Thursday, November 21, 2024

Student Community of STU Equipped With Financial Literacy

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The Inaugural Rethinking Personal Financial Management & Relevant Life Skills for Successful Career and Life has been organized for the Student Community of Sunyani Technical University.

The Center for Financial Literacy Education Africa; the lead TFAF Ambassador in Africa successfully inaugurated a chapter of their University FA Association; a financial literacy research think tank, and a membership association for students, faculty, and staff and alumni.

The association’s mission is to significantly improve financial awareness and financial literacy within the University Community.

The inaugural conference on Rethinking Personal Financial Management & Relevant Life Skills for Successful Career and Life was highly successful and impactful.

Speaking at the event, the Dean of Faculty, Business and Management Studies, Sunyani Technical University, Mr. Christian Kyeremeh elaborated on the importance of financial literacy especially among young people.

He assured the team at the Center for Financial Literacy Education Africa and its partners that the Faculty and the University at large will closely work with them to ensure the association achieves its goals on campus.

Mr. Peter Kwadwo Asare Nyarko, the Executive Director of the Center for Financial Literacy Education Africa and Lead TFAF Ambassador in Ghana and Africa expounded on the overview of the financial planning process and guided the students to draft their first comprehensive personal financial plan. He touched on organizing your paperwork and said life is great when your paperwork; all your financial documents are in place.

He shared on net worth and how you can use determine your net worth statement, cash flow and use the cash flow planner to understand money inflows and outflows, understand employment benefits and utilizing them, define your goals and use the goals worksheet to prioritize your personal and financial goals, planning for financial independence and retirement (FIR).

He said young people mostly do not think about their retirement because they think it is way ahead of them but encourage them to be financially independent.

They should plan to become financially independent. He also touched on and shared

tools for planning for major expenditures such as buying a car, pursuing higher education, etc; tax planning, insurance, and risk management and ended with estate and gift planning; drafting your first will, and a power of attorney among other legal documents.

He said when you fail to plan your estate and giftings, the law court will step in and use what the government or state has put in place; intestate succession law.

He wrapped his presentation with an annual financial checklist for all the participants.

Mr. Kwame Appiah-Baah, a Consultant, Mentor, and TFAF Ambassador & Advisory Board Member expounded on planning for financial independence and retirement.

He urged young people to understand the laws and principles of money, and they should adopt the right strategies to plan their financial future.

He demonstrated ‘the concept of seed time and harvest.’ Using corn, he clearly explained the concept of retention, multiplication, and diligence.

The Head of the University Counseling Unit, Madam Grace Kalira Ajongba shared on relevant and essential life skills needed by students and young people for successful living.

She said that life skills refer to the skills needed to make the most out of life. Certain skills may be more or less relevant to you depending on your life circumstances, your culture, beliefs, age, geographic location, etc.

She touched on the six key areas of life skills; communication and interpersonal skills, decision-making and problem-solving skills, creative and critical thinking, self-awareness and empathy which defines your emotional intelligence, assertiveness and equanimity or self-control, resilience, and the ability to cope with problems.

The event then took a different shape; Group Discussions on some selected 21st Century Relevant Skills; Digital Marketing and IT Skills, Mindset and Entrepreneurship, Job Interviews and CV Development, Leadership, Responsibility, and Ethics.

These sessions were led by experts and seasoned professionals who concurrently equipped the students.

The event ended with presentations by some students from Sunyani Technical University and Sunyani Senior High School on the lessons they picked from the group sessions. They were awarded souvenirs for taking a courageous step to present.

Participants walked away having received a guide to develop their comprehensive personal financial plan; current financial, estate and gift plan, and relevant life skills for successful career and life.

The event was powered by the Center for Financial Literacy Education Africa, The Financial Awareness Foundation, and Sunyani Technical University.

SOURCE: newsghana.com.gh

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