By Dayo Adesulu
As time spent on the use of technology by our youths keeps growing, experts advise students to focus on key areas that can enhance their studies and financial wellbeing. Statistics show that in the second quarter of 2017, youths and millennial internet users spent between 223 to 250 minutes daily on mobile devices while between 229 to 242 minutes were spent using PC/Laptops.Minister of Power, Works and Housing, Mr. Babatunde Raji Fashola (SAN) and Chairman, Zenith Bank Plc, Mr. Jim Ovia at different fora last week spoke on the need for youths to tap into the great innovations of technology but frowned at the misuse of technology.
Ovia said: ”Statistics show that technology can be of great benefit in the journey to provide financial literacy to our youths and therefore improve their investment habits and better their lives and future”.According to him, since youths spend more time on the internet perusing adverts on social media websites, it’s a very good way of educating them financially.Jim Ovia who spoke through the bank’s Deputy General Manager, Information Technology, Mr. Ayo Awe, explained that advancement in technology has made it possible for so much to be done including building sophisticated applications and expert systems that make use of the intelligence of a human expert.He maintained that if mobile, desktop or web applications are built with intelligence gotten from a financial expert, it will go a long way in educating the youth financially.
”Research has shown that human beings tend to retain more of information if it is combined with audio and visuals. This is exactly what videos provide. Making videos that explain tough financial concepts will go a long way in increasing financial literacy.Technological tools that ease the production of these videos abound and most of them are free. Creating videos that cover various aspects of finance like saving, investing, interest rates, bank accounts, inflation and so on will be of great help to the youth”, he said adding ”creation of games that teach finance will be of great help to the youth.There are some games that already teach finance and most people have learned a lot from them. Games like monopoly, cash flow 101, the game of life, payday, charge large, etc. have been of great help to many in terms of teaching finance but most of them are not free.
”Creating similar games and making them free for the youth for instance through sponsorship in schools, will be of great help.There are also gaming sites that provide practical money skills to the youth and help them learn the essentials of personal finance.This will ensure that these younger generations imbibe a culture that will enable them to make informed financial decisions.Technology can offer various means to investment. There is no magic to this process, one must be knowledgeable about these activities. According to Benjamin Franklin, a founding father of the United States of America, an investment in knowledge pays the best interest.Young people should be encouraged to achieve, exploit and make knowledge-based decisions and aspire to be great. These tools would be of great assistance on the path to financial greatness”, he concluded.
Speaking in the same vein, Mr Babatunde Raji Fashola (SAN) who delivered the Yabatech 32nd convocation lecture themed Sustainability of Technological Advancement: Key to Industrial Growth said ” There are advancements daily in technology.As the world progresses from artificial intelligence to sensors, youth should explore every possibility in the dynamism of these innovations.No matter the progress made so far in technology, there’s need for more to drive industrial growth”.Fashola who believes that Nigeria can leapfrog with technology said our youths can through research add value to technology.The Minister who tasked students on research that could bring revolution in the power sector said the world has discovered people who can generate electricity, distribute electricity, but lacks those who could store electricity.”To store electricity may be the next revolution the world is waiting for, which I believe our students can unravel if they research”, he said.