Prudential Bank equips young professionals with practical personal finance skills at National Youth Mentorship Summit

Prudential Bank, through Head of Distribution and Channels Kojo Nteh, addressed young professionals at the National Youth Mentorship Summit in Accra, urging them to adopt disciplined financial habits and make informed money decisions for long-term financial security and wealth creation. Nteh emphasized that without a plan, money would find its own plan to leave. He cautioned against get-rich-quick schemes and speculative investments, encouraging youth to exercise patience and make informed financial decisions.

Addressing the theme "Personal Finance Tips for the Young Professional," Nteh introduced the concept of "paying yourself first." This involves setting aside a portion of income for savings before spending on anything else. He stressed that consistency matters more than the amount saved. Before paying others, individuals should pay themselves, ensuring money is used for future financial needs.

Nteh advised the young professionals to create spending plans before receiving their income, stressing that budgeting helps align spending with financial goals and avoid unnecessary expenses. He also recommended automating savings through standing orders to remove temptation to spend first, making it easier to build healthy financial habits. As paydays arrived, the deducted amount would be expected, and individuals would adjust to using the remaining funds, managing on what was left.

The bank executive cautioned against increasing spending with every salary increment, urging participants to increase savings instead. He left the young professionals with a final charge: "Be consistent. Be patient. Start small but start now. The habits you build today will determine the wealth you have tomorrow."