REVEALED : SOME VITAL BENEFITS OF EARLY SAVINGS CULTURE FOR TODAY'S YOUTHS- COURTESY: WAPIC LIFE

The importance of savings or having a balanced saving culture

for today's youths cannot be overemphasis, an early savings culture take our young ones to mature height

Though the youths learn lots of things in school, but one thing

that usually isn’t covered is personal finance. If you're a parent or guardian, it's likely going to be on you to teach your dependents about things like budgeting, saving, and the other basics about handling money.

This education can start earlier than you think – as early as

pre-school, when kids begin to understand what money is and what it's used for. When children get a little older, one of the best ways you can help them learn about personal finance is through helping them open their own personal savings accounts.

This comes with some obvious benefits (compound interest!), but

some not-as-obvious ones, as well. More than anything, it's an opportunity to introduce some important concepts and skills surrounding money and financial decisions.In this special report made possible by WAPIC LIFE, we present few benefits for your delight

 A Wealth of Benefits

* Teaching About Goals: Putting money aside works best when

there's a purpose connected to it: a vacation, a new bike, a comfortable retirement. It's no different whether you're eight or eighty. A savings account encourages a child to set a savings goal and work to reach it, whether great (a college education) or small (a Star Wars action figure). Setting and achieving goals is an important skill in all aspects of one's life, one that will keep paying off again and again in the future.

*Teaching Financial Basics: By setting savings goals, a child

begins to understand that different things have different costs. And through saving to reach a certain financial goal, they come to understand the basics of income and expenses – that things have a price, and your financial resources must meet that price. This is an important lesson in a culture of credit cards, one where kids see parents acquiring goods and services but without witnessing an obvious payment for those goods and services.

*Teaching Responsibility: Children come to learn that if they

don't responsibly keep track of their money and don't contribute to their savings, then their goals will not be met. Kids of all ages (and adults!) feel a thrill at the rising balance in their account -- but they also feel a sense of pride, knowing they made smart decisions and didn’t throw that money away before it made it to the bank.

*Teaching Compassion and Perspective: By setting goals and saving

towards them, kids get a sense of how financial resources are tied to what people have and don’t have. They can start to form a bigger picture about life, and how some people are more or less fortunate than others. They also get a more realistic about their own family life, and why they can or cannot have certain things. They understand that the things they do have are the result of planning and choices (for better or for worse) on the part of their parents or guardians. All of this information helps them make better and more thoughtful decisions regarding their own finances.

*Teaching the Value of Investing: A basic savings account also

teaches that investing smartly and consistently can grow your money. Many kids are blown away by the idea of interest – that responsibly putting money aside can not only protect their money… it can actually earn them more money

.

-Whatever the case, our youths must be made to learn advantage s of early savings culture

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 FACT ABOUT

Wapic Life Assurance Ltd
Wapic Life was incorporated as a full subsidiary of Wapic

Insurance Plc. It commenced operations in February 2007 and is licensed to

underwrite life insurance businesses.

The Company’s incorporation coincided with the consolidation

mandate in the Insurance sector by the National Insurance Commission (NAICOM)

and has positioned the Group to extend its heritage of quality service into

Life Insurance business.

The company is poised to play an industry defining role in the

provision of world class services for all class life cover.

Share Capital
The Company has an authorized and fully paid-up share capital of

N2.2bn

Board Of Directors
Aigboje Aig-Imoukhuede, CON, Chairman
Bababode Osunkoya, Non-Executive Director
Ifeyinwa Osime, Non-Executive Director
Yinka Adekoya, Executive Director
Oyebode Ojeniyi, Executive Director
Olufemi Obaleke, Executive Director
Rantimi Ogunleye, Managing Director
Management Team

Rantimi Ogunleye, Managing Director

Humphrey Ofuegbe, Head, Public Sector

CONTACT WAPIC TODAY VIA :wwwwapic.com