A financial education journey
Learning to achieve financial well-being
Earlier this month, the Old Mutual Foundation applauded students for their outstanding financial knowledge and skills at the 2023 Namibian Scholars' Investment Challenge.
At the 2023 Namibian Scholars' Investment Challenge (NSIC) awards ceremony, the Old Mutual Foundation (OMF) celebrated exceptional achievements in a competition jointly presented by the Namibian Stock Exchange (NSX) and Future Media.Both university students and secondary school learners applied their investment skills, witnessed enthusiastic participation, creativity and innovation, seeing students from the Namibia University of Science and Technology (NUST) and the University of Namibia (Unam) win prize money and fill the top five spots.
NSX CEO Tiaan Bazuin said “the NSIC is the premier scholar's competition relating to investments and is a great introduction to investment management, for personal retirement planning or as an entry into capital markets as a career”.
In efforts to reinforce the role of financial literacy in securing the future of Namibia's youth, OMF helps build capacity and skills for Namibian youth.
"Financial education empowers youth to achieve financial well-being, enabling them to meet their current and future financial obligations," Old Mutual Namibia marketing, public affairs and sustainability executive Mignon du Preez said.
Lessons and experiences
First place winner, Wallstreet’s team leader, Asheelo Herman said as an accounting student, this competition allowed him to apply his knowledge of market ratios and investments outside academics and it all worked out in the end.
“The highlight was winning a second time. We took part twice last year and this year, coming second last year and then claiming the crown this year. Such events help build financial literacy amongst scholars, which is key to helping the youth manage money effectively and become financially stable, grow assets and achieve their financial goals as these events force you to make decisions that have a lasting effect as you go into adulthood,” he said.
Winning second place was Twenty Two, a group of four female chartered accounting students from Unam. Group leader Rose-Mary Hangula said the team’s most valuable lesson learnt is to think ahead when it comes to finances.
“You should not make a financial decision based on present outcome, but include the future outcomes as well. It is also important to do enough research before taking on any investment as this will allow you to make an informed decision,” she said.
Rich Young Minds 2023 took third place. Team leader Andreas Johannes said his team has been actively involved in finance and investment through forex trading since high school.
“Some of the most important skills and lessons I have learnt throughout the two years of managing my group's portfolio include the importance of spreading our investments across various assets to reduce risk,” he said.
Top five winners
First place: Wallstreet from Unam received N$50 000 with a return on investment of 60.6%.
Second place: Twenty-Two from Unam received N$30 000 with a return on investment of 24.6%.
Third place: Rich Young Minds 2023 from NUST received N$20 000 with a return on investment of 20.1%.
Fourth place: Oyetu from NUST received N$10 000 with a return on investment of 18.4%.
Fifth place: Buffeteirs from Unam received N$5 000 with a return on investment of 16.7.