Ghanaian Youth Struggle to Manage Money – Advocate Reveals
Executive Director of Young Investors Network and Financial Literacy Advocate, Joshua Mensah, has called for urgent action on financial literacy, warning that many young people are losing money they earn due to poor money management skills.
His remarks come as Global Money Week is being observed worldwide. This year’s theme, “Smart Money Talk,” focuses on helping young professionals develop the skills and understanding needed to manage their finances wisely.
Speaking on Business Breakfast on Zed 101.9FM, Mr. Mensah highlighted the growing gap between earning and managing money, noting that while young people today are often able to generate income through gigs or side hustles, few know how to handle it effectively.
“It’s very urgent now because people have realized they’ve made a lot of mistakes. You see many people who once had money but lost it because they couldn’t manage it. That’s the urgency of financial literacy,” he said.
Mr. Mensah revealed that through the network’s outreach last year, his team visited over 200 schools, educating students on financial principles. Yet he admitted that even some teachers lacked basic financial knowledge, and financial literacy is not formally taught in schools.
“You can teach someone how to earn money, but managing it is a completely different skill. Schools give you grades and teach other subjects, but managing your money is largely left out of the curriculum,” he said.
He stressed that many young people believe that earning a high salary automatically guarantees financial success, but without proper money management, even substantial income can be wasted, a concept explained by the economic principle known as Parkinson’s Law, which states that expenses tend to rise to meet income.
Mr. Mensah emphasized that equipping young people with financial management skills is now more important than ever, as it will determine their ability to maintain wealth and build long-term financial stability.
“Knowing how to earn is one thing; knowing how to manage what you earn is what really matters,” he stated.
He urged schools, policymakers, and youth organizations to prioritize financial literacy education.
