Experts Say Investment Clubs Could Be Students’ Best Defense Against Financial Scams—–Establishing student investment clubs in schools could significantly reduce the risk of young people falling victim to financial scams, experts have said.
Dr Eric Boachie Yiadom, a Financial Economist, said practical financial education through investment clubs would equip students with real-life skills in saving, investing, and managing money—helping them spot and avoid fraudulent schemes.
Speaking at a financial literacy conference in Accra, Dr Yiadom proposed that second- and third-cycle educational institutions adopt structured investment clubs that allow students to pool resources and invest together. He said this experiential approach builds financial resilience far beyond what traditional classroom teaching can offer.
“Investment clubs turn theory into practice. Students become managers of their own financial education, which textbooks alone cannot achieve,” he said, citing his own formative experiences with such a club during his school days.
He called on schools, policymakers, and financial institutions, including the Ghana Association of Banks (GAB), to support these clubs by offering guidance and resources and integrating them into academic programmes. Dr Yiadom also encouraged the use of social media and community networks to extend financial literacy efforts, especially to underserved populations.
Mr Peter Asare Nyarko, Executive Director of the Centre for Financial Literacy Africa (CFLE Africa), supported the call, emphasising the essential role of the banking sector in promoting financial literacy. He urged banks to dedicate part of their marketing budgets to such initiatives, pointing to successful models in countries like Tanzania.
He noted that individuals trained by CFLE Africa often go on to become informed customers of banking products, making investment in financial education beneficial for both communities and banks.
The conference, held under the theme “Building Wealth, Changing Lives, Strengthening Communities through Personal and Financial Education,” attracted key stakeholders and underlined the growing consensus that empowering young Ghanaians with financial knowledge is key to economic transformation—and protection from fraud.
Last Updated on April 14, 2025 by Senel Media
