From Running Errands for Money as a Kid to Running a Bank

Interview date:

November 13, 2020

Michael Okwusogu

Banker
at
Large
Profile: 
professional
Study:
university

Michael Okwusogu, a banker based in the Middle East, talks about how he uses financial and economic data as well as technology to help manage banking operations. Michael discusses how his father influenced his financial and business acumen and advises parents, caregivers and educators to leverage technology to teach kids financial literacy skills.

"We don't have enough financial literacy amongst the common population. People don't know enough about how they manage their financial affairs. They don't know enough about investments and pensions. The basic things which you need. God-willing, there's a good number of us who will reach retirement age but we're just not equipped. So what needs to happen is that schools shouldn't say so much about maths and technology. It's about financial literacy, financial management."

ADVICE

  • Start talking to kids about money management, saving, investing and donating early
  • Use kid-oriented online resources to make financial literacy fun and interactive (redstarteducate.org)
  • If possible, encourage kids to open pension and trading accounts in high school (or earlier)

RECOMMENDED TECH

  • REDstart: financial literacy for kids and young people