Managing Director, Sigma Pensions, Mr. Dave Uduanu, has said that short-term and long-term savings are critical to development of countries around the world, noting that Nigeria is not an exception.
Uduanu stated this during a panel discussion at a virtual media engagement organised by the Junior Achievement Nigeria (JAN) where they deliberated on ‘Impact of Financial Literacy on Youths.’
Junior Achievement Nigeria (JAN) is part of Junior Achievement Worldwide, the world’s oldest and largest non-profit economic education organization operating in 120 countries.
Uduani who is a board member of JAN, said it is important that people learn how to save from young age, especially in the university years and this will go with them as they grow and develop into adulthood. He added that savings in banks are short term savings as they can be used for daily needs while long term savings are pensions meant for when people retire.
He said: “Savings and pensions are critical to national development. Pensions are the bedrock of the long term financial savings. The longer you save the better for you. What we are saying is that it is important that we start to save for our future while we are young than to wait for when it is too late. That is why at Sigma Pensions, we target university students and youth corps members for our catch them young programme.
“Saving for pension is no magic. People should save enough money now so that when they retire, they can continue their lifestyle in retirement”.