Share This Article
In Celebration of Children’s Day Nigeria 2025
Children’s Day was just yesterday – May 27th – a joyful time when Nigerian children were celebrated in schools, churches, and homes. While many parents and guardians gave their kids toys, sweets, or took them out for a treat, there’s one gift that often goes unnoticed but has long-lasting value: the gift of financial wisdom.
In today’s Nigeria, where the prices of goods and services keep going up and money management has become a critical life skill, teaching children how to save money is one of the most important things you can do as a parent or guardian. It’s not just about having money — it’s about learning discipline, responsibility, and planning for the future.
This blog explores why teaching kids to save is important, how you can start (even if you’re not a finance expert), and what the benefits are — both for your children and for our country as a whole.
1. Why Every Nigerian Child Needs to Learn How to Save
In our growing economy, money comes and goes fast — fuel prices go up, foodstuff prices change weekly, and income often stays the same. For children growing up in this reality, learning the value of money from an early age is essential.
Many of us parents didn’t have that opportunity. We learned about money through trial and error, sometimes losing a lot along the way. But our children can do better — if we teach them early.
Here are four major reasons why children should learn how to save:
✅ It Builds Discipline
Saving teaches children how to delay gratification. In a world where instant results are becoming the norm, the ability to wait and work for something is powerful. A child who can save N500 instead of buying sweets immediately is building a strong foundation for future success.
✅ It Encourages Goal-Setting
When a child saves for a toy, a new bag, or a birthday party, they are practicing goal-setting. These small goals build confidence and help them understand the importance of planning for what they want — not just hoping or begging for it.
✅ It Reduces Wasteful Spending
Let’s be honest — children like to spend on things they don’t need. When they understand that money is limited and must be managed wisely, they begin to think twice before spending. This helps reduce unnecessary expenses even in adulthood.
✅ It Prepares Them for Adult Life
Teaching children how to save prepares them for the realities of adulthood — from paying bills to planning weddings, buying a car, or starting a business. It’s an investment in their future independence and success.
2. How to Start Teaching Your Children to Save (Practical Tips for Nigerian Parents)
You might be thinking, “Where do I even start?” The good news is, you don’t need to be an expert in finance. Start small, start simple, and stay consistent.
Here are practical ways Nigerian parents and guardians can start:
💡 Introduce a Piggy Bank (Kolo)
One of the oldest and easiest ways to teach saving is through a piggy bank or “kolo.” You can buy one from local shops or markets. Encourage your child to put in part of their pocket money or change from errands.
When they see the kolo filling up, they’ll feel proud and motivated.
💡 Give a Weekly or Monthly Allowance
Instead of giving money only when they ask, start giving your child a small allowance. Teach them to divide it into parts:
-
One part to spend
-
One part to save
-
One part to give or help others
This creates balance and teaches them budgeting.
💡 Open a Children’s Savings Account
Several Nigerian banks and fintech platforms offer children-friendly savings options. Some even allow parents to open sub-accounts for their kids. Use these to introduce digital saving in a fun and educational way.
💡 Let Them Save Toward Something
Help your child choose something they want — a new football, a school bag, or even a party. Help them plan how to save for it and support them along the way. This makes saving real and exciting.
💡 Lead by Example
Your kids are watching you. If you’re always spending without saving, they’ll do the same. Talk to them about your savings goals, celebrate financial wins with them, and show them how you budget.
3. Make Saving Fun — Not a Chore
Saving money doesn’t have to feel boring or like a punishment. In fact, the more fun it is, the more likely your kids will enjoy it and stick to it.
Here are a few creative ways to keep things engaging:
🎯 Set a Family Savings Challenge
Have a monthly savings challenge where everyone — including you — participates. For example: “Let’s each save N1,000 this month.” At the end of the month, celebrate with a family treat.
🎯 Use Visual Charts
Create a colorful saving chart with drawings and stickers. Each time your child saves, add a sticker or color a box. Seeing progress in a fun way can be highly motivating.
🎯 Introduce Storybooks or Cartoons About Money
There are several children’s books and videos that teach money lessons in simple, engaging ways. Some Nigerian authors have started creating culturally relevant financial storybooks for kids.
🎯 Celebrate Milestones
Don’t wait until they reach their full goal. Celebrate small wins along the way with words of praise, hugs, or simple treats. It encourages them to keep going.
4. What Are the Long-Term Benefits of Teaching Children to Save?
What starts with saving N100 every week can grow into a mindset that changes your child’s entire life.
Here’s what your child stands to gain in the long run:
-
Financial responsibility: They learn to make smart choices and avoid debt traps.
-
Planning ahead: Whether for university, business, or emergencies, they understand the need to prepare.
-
Confidence: Children who understand money feel more independent and capable.
-
Entrepreneurial thinking: Saving often leads to budgeting, and budgeting opens the door to investment and entrepreneurship.
-
A brighter future: Financial literacy is one of the biggest predictors of future success. Give them a head start.
5. Financial Education Is a Lifelong Gift
Children who learn about money from home grow up more confident, capable, and secure. In a country like Nigeria, where many adults struggle with debt, poor planning, and lack of savings, we can change the future by starting with our kids today.
Even if you earn a small income, the principles of saving can still be taught. It’s not about how much you have — it’s about what you do with what you have.
Every time you teach your child to save, you’re sowing a seed. That seed will grow into a tree that can provide fruit for a lifetime — not just for your child, but for generations to come.
Conclusion: The Best Children’s Day Gift Is Financial Wisdom
Children’s Day is a time of fun and celebration — and it should be. But after the party is over and the balloons come down, remember this:
The best gift you can give your child isn’t just a toy or a phone. It’s a strong foundation in money management — starting with saving.
Start small. Make it fun. Be consistent. And most of all, lead by example.
Let’s raise a generation of Nigerian children who understand how to manage money, avoid debt, and build wealth. Our future depends on it.