Social Media Week Lagos

Millennials face the most uncertain economic future of perhaps any other generation. Although they have frequently been labeled as materialistic, spoiled and saddled with a sense of entitlement, many millennials feel that they will not be able to achieve material goals like finding their dream job, buying a house or face retiring until much later in their lives than their parents did. And the truth is, many millennials just weren't taught about money!


For many young people there is an innate distrust of the current banking landscape. Millenials are entering an economic system where all we see is a huge financial crisis with huge financial implications. Finance is built on trust, and if we do not have that trust in the system, it is a disadvantage for us — and the system, too. When millennials believe the larger world of finance is broken, it’s hard to make the argument that we should invest time and energy in our personal finances. We avoid the subject because there’s a certain inevitability around it; a feeling that larger forces at work will ruin our chances of financial security. So why even try?


Only 24 percent of Millennials have demonstrated a basic understanding of how to manage their money, women more than men. Many have no clue how to or when to start saving. Only a select percentage know how to invest their income. Only a few know how to properly save for responsibilities.


Why are millennials wary of tackling personal finance?Why is the struggle so real? How can millennials become better financially educated, better savers and smarter spenders, wary borrowers? How can we help millennials achieve financial stability?


Around 87 percent of millennials all over the world use online banking apps or websites to move money from one account to another, and check their balances. This mix of technology and finance has vast implications for the future of personal finance. This panel will show young people how we can marry tech with financial literacy, and build financial systems worth trusting.