Save a Cedi a day Challenge is a program being championed by the Young Investors Network to encourage savings amongst the youth.
It came to the realization of the organization that the savings habit of the youth especially among students is quiet low. The situation did not get any better when the financial crises started.
The Young Investors Network (YIN) is a non-profit organization. YIN was formed in by a group of experienced Investment Analysts looking to invest their knowledge forward to the next generation of the youth. They notice that financial literacy was not taught in most high-schools across the country. Many schools had no organized investment programs and the ones that did were teaching all the wrong principles: short-term, high-risk, stock market is not being taught at all.
Young Investors Network aims to correct this. Its programs are written and directed by a group of over 30 professional investors. High-school students have the unique privilege to be taught fundamental, long-term investing in a fun and exciting way.
The Save a Cedi a Day was designed to help achieve this purpose.
In the month of July, there was a joint winner as Shadrack Amoakwa and Richmond Nii Borley Borketey went away with various prizes.
The challenge is still ongoing. Schools participating include Presec, Legon, Wesley Grammar and Kinbu SHS. Students from tertiary institutions participating include the University of Ghana, Legon, Methodist University, Pentecost University, KNUST and others.
The cedi a day challenge is intended to introduce simple finance basics from childhood, which can help youngsters to familiarize themselves with money, learn simple savings techniques to adopt good spending habits, and help to set them up for what they want to achieve in life. The program will also show them how to save a little money each day until there’s enough money for the purchase. This teaches the opposite of instant gratification. Young People who know how long it takes to save money to buy something they want appreciate the value of large sums of money.
The Funds received are being kept in an investment account at UMB Investment Holdings Limited.
Young Investors Network (YIN) is a financial education organization with a commitment to educating the youth in financial literacy, business skills and dedicated to preparing the next generation of investors. Its mission is to inspire youth to be outstanding investors – investors in companies, investors in their communities, and investors in themselves.