Prudential Bank Equips Young Professionals with Personal Finance Skills at Youth Summit

The Head of Distribution and Channels at Prudential Bank Ltd., Kojo Nteh,

has urged young professionals to develop disciplined financial habits and make informed money decisions early in their careers to build long-term financial security and wealth.

Speaking at the National Youth Mentorship Summit in Accra on the theme “Personal Finance Tips for the Young Professional,” Mr. Nteh said earning an income is only the first step toward financial success, stressing that effective money management is critical to building wealth.

He introduced participants to the concept of “paying yourself first,” which involves setting aside a portion of income for savings before meeting other expenses.

“It doesn’t matter how much you save. What matters is consistency. Before you pay everyone else, make sure you pay yourself,” he said.

Mr. Nteh encouraged participants to prepare spending plans before receiving their income, saying budgeting would help them align expenditure with their financial goals and avoid unnecessary spending.

He also advised young professionals to automate their savings through standing orders, arguing that automatically setting aside money on payday could help reduce the temptation to spend it.

“If, on the day you are paid, the deduction goes through automatically, after some time you will get used to using whatever is left. You will adjust and manage on what remains,” he explained.

Mr. Nteh cautioned against get-rich-quick schemes and speculative investments that promise unrealistic returns, urging young people to exercise patience and conduct proper due diligence before committing their money.

He further advised participants to guard against lifestyle inflation, encouraging them to increase their savings as their incomes rise rather than allowing higher earnings to translate automatically into higher spending.

“Be consistent. Be patient. Start small but start now. The habits you build today will determine the wealth you have tomorrow,” he said.

The National Youth Mentorship Summit brought together students, graduates and young professionals to engage with industry leaders on career development, leadership and financial empowerment.

Source: thebftonline.com