Ugboh grills youths on investment mix

To her, the income diversification can be across various investment portfolios such as shares, bonds, real estate and many more in order to grow their income and create multiple sources of income.

Speaking at the Africa Institute for Leadership and Public Administration (AILPA), a financial literacy seminar for Post Graduate Diploma (PGD) students of the University of Lagos, Ugboh said there is need for young ones to set personal financial goals.

 According to her, setting a goal will get the individual to a certain extent even if the set goal is not achieved at its timeframe

The seminar was organised to teach the PGD students about personal financial planning at a period the cost of living is projected to increase within the country.

Speaking further, Ugboh maintained that there is a need for people to set personal financial goals and that setting a goal will get the individual to a certain extent even if the set goal is not achieved at its timeframe.

“It is important to invest one’s income on assets that generate revenue rather than liabilities that disguises as assets, as no paying job is guaranteed forever. Nigerians should adopt the habit of having more than one source of income; Earned income, Passive income, and Portfolio income,” she said.

Coming at the period the government is increasing its source of revenue, industry watchers ar of the view that there is need for every Nigerian to have a proper financial plan in order to not to be embarrassed financially.

Experts had lamented the extent to which young people remained financially dependent on their parents for far longer than necesary, stressing the need for a change following the growing economic challenges across the globe.

Meanwhile, financial independence is one of the many markers used to designate the crossover from childhood into young adulthood.

Looking more broadly at young adults ages 18 to 29, the share who are financially independent has been largely stable in recent decades. Overall, young men are more likely than young women to be financially independent, but this gender gap has diminished significantly.