This is because the stock market provides students and other young people many investment options that can assist them strengthen their savings, which they can utilise to start enterprise after completing education, said James Muchumbuzi, a representative from the Ministry of Education, Science, Technology and Vocation Training.
“It is necessary for youth to plan for their financial future since the stock exchange offers investment vehicles they can use to achieve their objectives. The capital markets gives youth a secure avenue for mobilising savings, thus securing their financial future,” he said, when addressing the DSE Scholar Investment Challenge (DSESIC) event held in Dar es Salaam on Tuesday.
DSESIC is a simulation of live trading using the internet and mobile phones (SMS and smartphone) at the DSE. During the challenge, three students from the universities of Dodoma, Sokoine and the Institute of Accountancy Arusha (IAA) won awards in cash and certificates.
The first winner of the DSESIC, Godfrey Makweka from IAA won 1m/-, while the first runner up, Benson Humphrey from SUA earned 600,000/- and the second runner up, Frank Kigodi from UDOM fetched 400,000/-.
Muchumbuzi assured students that the stock exchange welcomes small savers like students and other youth to buy shares in the companies listed on the bourse. DSE Chief Executive Officer Moremi Marwa pointed out that his firm teaches people to save and invest smartly, adding that youth can raise small capitals, like part of their pocket money, to buy a few shares consistently.
“Eventually, you will be able to accumulate enough savings to invest in other ventures. People become rich not because of the amount of money they earn, but how they utilise the little money that makes the difference,” the DSE boss said.
He stated that the programme is part of DSE’s national outreach programme targeting university students to encourage them invest in the country’s capital market. Marwa noted that it is vital to build a generation of young investors that will continue to improve their savings and create more investments to support and develop the economy.
Geofrey Makweka, a second year student in Bachelors of Economics at IAA urged young people to develop the culture of savings, saying they could use the local exchange to invest and ensure sustainable earnings in future.
“The DSE programme enabled us to get information that will allow us to participate in the market and understanding the benefits of savings,” he said.
Benson Humphrey, a first year student in Bachelor of Science and Forest at SUA, said though it is not easy for many students to save, the capital market can help those who want to start small by buying a few shares using their pocket money.
“Young Tanzanians need to secure their future by saving and investing on the stock market to ensure sustainable income in future,” he stressed.
Executive Director of Financial Sector Deepening Trust (FSDT) Sosthenes Kewe underscored the importance of securing diverse avenues offered by the DSE programme geared at economic empowerment of young people.
“To benefit from such opportunities, youth must develop a savings culture. The programme in universities also seeks to deepen their knowledge to help them make informed investment decisions,” Kewe said.
According to him, the programme aims at encouraging youth across the country to embrace the savings culture through capital market as an investment vehicle to contribute to the country’s development.
_0.jpg?itok=QU87XW8D){kind=tracking}
.jpeg?itok=vCj6bCRe)
