Enterprise Group schools students and parents on financial literacy

The Enterprise Group has held a series of financial literacy sessions for both students and parents of the Bishop Mixed School at James Town in Accra.

The aim was to educate them to understand and the basic financial skills such as personal financial management, budgeting and investing to be able to effectively use them in their lifelong journey.

A media release issued by the company said the Senior Manager at Enterprise Insurance, Mr Michael Otu-Larbi, introduced the students to topics such as the importance of saving, time management and basic book keeping among others.

For the parents, who numbered about 150, the conversation bordered on wills and diffusing some common myths about making a will. The engagement was facilitated by a representative from the Legal Department of Enterprise Group, Ms Cynthia Apeadu, who also took them through what a will is and the importance of making one.

She explained the main purpose of a will was to distribute self-acquired property and not to punish children or insult persons who may have offended an individual during a lifetime, as some people choose to do through their wills.

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“Contrary to what many people think, making a will does not invite one’s death, nor is it an instrument for punishing recalcitrant children or settling family scores. The main purpose of a will is to distribute your property, no matter how small or insignificant you may think it is.”

“A will ensures that your property is distributed according to your wishes, and not the wishes of any third party or as dictated by PNDCL 111,” she said.

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Need for financial security

Commenting on the motivation for the financial literacy programme, the Group Head of Communications and Synergies at Enterprise Group, Phyllis Woode-Nartey, said that beyond the core business of the company, it was concerned about the financial well-being of their community.

“It is true that we are in the business of insurance, properties, transitions and trusteeship, but beyond that, we are very much interested in the total financial well-being of our community. And inter-generational wealth transfer is a key component of people’s financial well-being.”

“That is why we are here to engage with the parents on issues that are very relevant to both groups of people,” she said.

The financial literacy programme is part of a larger community intervention by the Enterprise Group for the Jamestown community.

This includes the construction of a nine-classroom block for the Bishop Mixed School, complete with washrooms, infirmary, computer lab, library and staff room at a cost of GH¢2.5 million.