By: Veronica Nthenya
The urge of both campus and college students to become financial literate is on the rise and it’s becoming a sensitive issue in our higher learning institutions. These are because the young people are not necessarily aware of how they should spend their incomes wisely and effectively. Their incomes could arise from HELB loan or rather the pocket money given to them by their parents. Financial awareness should be made to students, as students lack the relevant skills of personal savings, budgeting and investments to their future and career.
Students need to be made aware of what are their needs and luxurious. This is because students spend their money on things that are not very important neglecting the important aspect that is very essential to them .For example, students in campus spend most of their money on drugs and alcohol, which itself is harmful to their health as they neglect their basic need which is food .For instance in such cases students have priorities that are not right and they are our future generation. Should we watch them fail? When these are taught to us students the rate of starvation among campus students would reduce and they will learn and teach their young ones on how to prioritize their resources.
Secondly, the students should be taught on personal budgeting and spend their money as planned. This will help them to be able to spend more on very important issues and have them addressed. Saving is also a skill that should be instilled to young people. There is need for young people to be motivated to save for their future and career. It is very evident that students lack this skill and it needs to be instilled in them.
In conclusion, financial literacy and awareness is very essential in higher learning institution. The young people are the future and backbone of our economy and the government should implement these skills to them to avoid a drowning generation that is spendthrift on matters that are not essential.
Elizabeth Angira