“Young people should be educated on how to manage their finances and to take smart decisions with money once they step into professional lives. Minor mistakes early on can have grave consequences for their futures,” said organisers of three-day National Financial Literacy Workshop for Youth that concluded at the Lahore University of Management Sciences on Sunday.
The workshop, they said, was meant to introduce young people to basics of personal financial management. “Except for those who study economics and finance, most university students are never introduced to concepts of saving and investment and how that may impact people’s financial conditions,” they said.
The workshop was part of Living Literacy, Changing Lives: Citi-LUMS Youth Initiative – a joint project of LUMS Social Enterprise Development Centre (SEDC) and Citi Foundation to promote financial education among the youth.
A group of 55 students, including students admitted to LUMS under a National Outreach Programme (NOP), participated in the workshop. The three-day event consisted of several interactive sessions with LUMS professor Dr Zeeshan Ahmed.
These covered topics like balance sheets and income statements, making sound investment decisions and budgeting. Case studies based on real world examples have been used to elaborate on these concepts.
Published in The Express Tribune, July 25th, 2011.