By Helen Ovbiagele

Money issues are always serious issues, anywhere, anytime.  There’s precious little that you can do without money.  We may well talk of the great divide between the rich and the poor, which in the past has led to revolutions in some nations, and is still causing great distress in countries around the world, but a lack of good management of funds is what is pulling down the economy of several Eurozone countries right now and making them fall like a pack of cards, e.g. Greece,  while Spain, Italy and a few others are on the brink, we’re told.

There was a pathetic picture in a British paper the other week, showing some well-dressed people in a town in Greece, queuing up for soup in plastic bowls that the local government was dispensing to help citizens whose fortunes are down and who needed help with nutritious  feeding.  It was a sorry sight as some of them tried to maintain their dignity as they waited patiently to be served.  From their outfits and accessories, some of them had known some luxury in the past.

Fortunately for us, this isn’t happening in our country yet, even with the collapse of  several banks and  businesses.  Experts tell us that the major reason for the collapse of any economy is faulty handling of funds; where you spend more than what comes in.

Readers who sent in their views on  the piece I put out the other week on the need to teach our young people earning and budgetting, approve the idea, but some think that greed and irresponsible spending and lending are traits we need to get rid of.

‘Mrs Ovbiagele, it was interesting to note in your article that there is an initiative, led by the Personal finance Education Group charity and sponsored by HSBC, that financial topics are slotted into lessons across the curriculum in some schools in Britain.

I think every country needs this since there’s no country whose economy has not been affected by their own reckless spending, or that of  other nations. The earlier money sense and worth is taught and absorbed, the better for the management of the nations funds, and even personal funds, no matter how small. –  Seyi, Ikeja.’

‘Madam, I liked your suggestions, but teaching young people how to manage the money they have in hand, and use it wisely, is part of our culture; at least where I come from in Ogun State. First of all, children there are brought up to avoid waste of any sort.

Then they’re involved in the earnings in the family as they help in whatever trade or business their parents are engaged  in.  Or, they’re established in their own petty trading as soon as they’re able to use money.  We’re brought up to spend only when we have to, and to haggle well before buying. Most of our young people are wise in their spending. Well, maybe because we’re a mainly an ethnic group of traders. – Shade, Epe, Lagos State.’

‘Helen, we may well give lessons on earning and budgetting to our young children, but will that get rid of the greed in the society?  That’s what’s responsible for slow progress in our country as people steal public funds without any restraint, inflate budget for contracts, siphon money out of the country, etc.

Of what use will the lessons be to the children, if all they see around them, even in their families, are people making money through cheating, stealing and fraud?  When you’ve got your money that way, you would hardly be concerned about going for bargain, or spending within your earnings.  I think lessons on integrity, honesty and a responsible attitude in the use of money would be more profitable. – Deacon Matt, Kaduna.’

‘You’re right, madam.  Some public servants cannot distinguish between public money and their own personal money, so, they fritter away our money with impunity.  A lesson throughout their educational career, on how to manage earning and spending could curb their frivolous spending habit.

At least, they would have it embedded in their minds that they need to get good bargain for the money in their possession.  If they’re in a contract-awarding position, they would carefully consider the options before them, and their worth, before they give out contracts.

We hear of  government awarding contracts to a company with the  highest quotations, for no just cause; thinking that high fees means good performance.  It may not always be a case of palms being greased, but that of irresponsible spending.’

‘I think the initiators of that project in selected British schools of teaching children how to budget on the money in their possession should be commended.  How to manage money efficiently has always been a problem from the beginning of human existence.  It’s what leads people into endless borrowing.

The saying, ‘cut your coat according to your size, has been changed to ‘cut your coat according to your cloth’ , going by the economic trend of these present times.  A well-adjusted adult is the person who spends money with a sense of caution and responsibility.  Spending wildly, can also lead to lending out money wildly, which was what led to the downfall of banks across the world; triggering off economic crisis, which has ruined lives. –   Ezekiel,  Aba’

‘I understand the need to catch them young in the matter of  earning and budgetting, but why, madam, do you think it’s only the children/young people who need these lessons?  I think all civil servants, and the rest of the working community, including educationists, need them.

Regular courses should be run by experts on how to go for bargain, and spend money within their earning.  The need to save should be thrown in too.  The importance of saving for the rainy day was built into the upbringing of the older generation, but sadly, that’s absent these days.  We seem to have a generation of wasteful spenders who don’t know how to budget within their earnings. –  Thanks,   M.T.,  Lagos.’

‘Madam, I’m afraid you face an uphill task when you recommend we do here, what is being done in some British schools.  According to your piece, a charity group was sponsored by a financial institution, HSBC, to carry out the project within five years in selected schools.

Which financial institution will do that here when most of them have not been managing their own finances well?  They lent out money without adequate colleterals, and ended with bad loans, which brought down their establishments, and some of them had to be bailed out, while some were re-branded.

You could say their own bad experience would make them want to back such a project, but I can assure you that none of them would.   The government?  They will not either, because they are not managing our money well, and at any given time, there are allegations of fraud and frivolous spending.  What we should crave is a society of  honest people of integrity, with responsible and sane spending habit, devoid of inflated contract deals.’

We thank all those who wrote in.