In today’s Nigeria, where inflation bites, jobs are scarce, and quick money schemes are on the rise, one thing is clear: our children need more than academic education—they need to be financially wise. Sadly, most Nigerian schools don’t teach financial literacy, and many young people enter adulthood without the tools to manage money, avoid debt, or build wealth.
As parents, guardians, or caregivers, we have a unique opportunity (and responsibility) to shape how our children understand and relate to money. It’s not just about saving a few naira—it’s about preparing them for a life of responsibility, independence, and success.
So how can you start raising financially literate children? Here are practical, culturally relevant steps every Nigerian family can take.
1. Talk About Money Early and Often
Children are more observant than we think. From an early age, they watch how we spend, save, give, and even argue about money. Instead of shielding them from money matters, use everyday situations—like market trips, offerings at church, or even ATM withdrawals—to introduce simple financial ideas.
Teach them early:
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Money is earned, not free.
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You can’t have everything you want at once.
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Some things are needs, others are wants.
These casual conversations form the foundation of a child’s financial mindset.
2. Give Pocket Money—With a Lesson Attached
Rather than handing out money whenever they ask, give children a regular allowance tied to basic responsibilities. You can start with small weekly or monthly amounts, depending on their age.
Then teach them how to divide it:
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Saving: For bigger goals like a toy or book.
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Spending: For little treats like biscuits or airtime.
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Giving: For offerings or helping others.
This simple habit teaches budgeting, goal-setting, and generosity all at once.
3. Open a Children’s Savings Account
Several Nigerian banks now offer children’s accounts with friendly terms. Opening one with your child is a great way to teach the importance of saving and how banks work.
Involve your child in the process—let them deposit money themselves and track how it grows. Watching their savings increase (even slowly) builds confidence and a habit of delayed gratification.
A few banks to consider:
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GTBank’s Smart Kids Save (SKS)
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Access Bank’s Early Savers
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FirstBank’s KidsFirst
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Zenith’s Children’s Account
4. Use Visual Tools Like Piggy Banks and Charts
You don’t need a fancy app to teach money basics. A transparent jar labeled “Savings” can be just as effective. Children love visuals—so help them see their money grow. You can even create fun goal charts together.
For example:
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₦500 saved = New storybook.
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₦1,000 saved = My own backpack.
When they finally reach a goal and make the purchase, they’ll appreciate it even more because they worked for it.
5. Talk About Greed, Debt, and Quick Money
In a society where online fraud, gambling, and get-rich-quick schemes are common, children need strong guidance. Use age-appropriate language to explain why:
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Not all money is good money.
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Borrowing comes with responsibility.
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Greed leads to poor decisions.
You can share Bible verses, family values, and even real-life stories to reinforce these lessons. The goal is to build a strong moral and financial foundation.
6. Lead by Example
Children do what they see. If you’re always borrowing, impulse shopping, or arguing about money, that’s the model they’ll follow.
Instead:
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Let them see you save.
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Talk about prices and value when shopping.
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Involve them in family budgeting in simple ways.
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Celebrate when you reach a savings goal as a family.
When they see financial discipline modeled at home, they’re more likely to adopt it.
7. Support Their Mini-Business Ideas
Does your child want to sell puff-puff, beads, or handmade cards? Encourage it! Small ventures teach practical business lessons: pricing, marketing, profit, and reinvestment.
Even if they don’t make a lot of money, the experience is priceless. Entrepreneurship builds creativity, confidence, and a hands-on understanding of value creation.