Young people must move beyond earning money to understanding, managing, saving, investing and growing it.

Dr. Genevieve Pearl Duncan, Lead Consultant at Tarragon Edge Limited and a leader associated with The Edge Credit Union, has called for stronger financial literacy and financial inclusion among young people, stressing that access to financial services must be accompanied by the knowledge and discipline required to use them effectively.

Speaking at the Economics Students Financial Literacy Summit at the University of Ghana, Cedi House, Dr. Duncan challenged students to begin building sound financial habits early rather than waiting until they enter full-time employment.

The summit, sponsored by Stanbic Investment Management Services and Tarragon Edge Limited, provided a platform for students to deepen their understanding of personal finance, savings, investments, wealth creation and responsible financial decision-making.

Financial Inclusion Is More Than Having an Account

Dr. Duncan explained that financial inclusion should not simply be measured by the number of people who have bank accounts or mobile money wallets.

True financial inclusion, she argued, occurs when individuals can access, understand and confidently use appropriate financial products and services to improve their economic wellbeing.

For university students and young graduates, this means developing practical knowledge about budgeting, savings, investments, credit, insurance, pensions and responsible borrowing.

She therefore encouraged students to see financial literacy not simply as knowledge about money, but as an essential life, leadership and career competency.

From Financial Literacy to Financial Independence

Dr. Duncan outlined a simple progression for young people:

EARN → PLAN → SAVE → INVEST → GROW → PROTECT → IMPACT

According to her, earning an income is only the beginning of the wealth-creation journey. Young people must learn to allocate income intentionally, build emergency savings, understand investment opportunities, manage debt responsibly and gradually create assets that can generate long-term value. She further cautioned students against allowing lifestyle pressures, instant gratification and social comparison to determine their financial decisions.

Financial independence, she emphasised, is built through discipline, consistency, knowledge and time, not income alone.

The Power of Compounding: Start Early, Even If You Start Small

A major part of Dr. Duncan's message to the students centred on the power of compounding and the significant financial advantage young people possess, time. She explained that compounding occurs when returns earned on savings or investments are reinvested, allowing future returns to be earned on both the original investment and the accumulated returns.

“The greatest advantage you have as a young person is not necessarily how much money you have today; it is the amount of time you have ahead of you. Start small, start early and remain consistent.”

For example, a student or young graduate who consistently invests GH₵200 every month does more than simply accumulate contributions. When returns are reinvested over many years, compounding can significantly accelerate the growth of the investment. The eventual amount will, of course, depend on investment returns, fees, taxes and other factors.

Her message was simple:

START EARLY + INVEST CONSISTENTLY + REINVEST RETURNS + GIVE IT TIME = THE POWER OF COMPOUNDING

Dr. Duncan stressed that waiting until one earns a large salary before beginning to save or invest can mean losing some of the most valuable years for compounding.

She also reminded students that compounding works in both directions. While it can help investments grow, high-interest debt can also compound and become increasingly difficult to repay.

Understanding compound interest, therefore, is not merely a mathematical concept. It is a practical principle that should influence decisions about savings, investments, pensions, credit and long-term wealth creation.

“Do not only work for money. Learn how to make your money work for you, and give it time to grow.”

Financial Inclusion as an Economic Development Tool. Dr. Duncan also situated financial inclusion within Ghana's broader economic development agenda.

She noted that when young people, women, entrepreneurs and underserved communities have appropriate access to savings, affordable credit, investment opportunities and financial education, they are better positioned to start businesses, withstand financial shocks, create employment and participate meaningfully in economic development.

For Dr. Duncan, this makes financial literacy more than a personal finance issue. It is also an economic empowerment and development issue. “Financial literacy is empowerment. Financial inclusion is opportunity. When we combine the two, we give people the capacity to make choices that can transform their lives, businesses, families and communities.”

The Role of Credit Unions and Financial Institutions

Drawing on the experience of The Edge Credit Union, Dr. Duncan highlighted the important role credit unions and other financial institutions can play in bringing appropriate financial services closer to ordinary people.

She advocated an approach that combines access to finance with financial education, savings mobilisation, responsible credit, entrepreneurship support and investment awareness.

Financial institutions, universities, government, private-sector organisations and development partners, she said, must collaborate to ensure that young people do not leave university academically prepared but financially unprepared.

A Challenge to the Next Generation

Concluding her engagement, Dr. Duncan challenged the Economics students to become ambassadors of financial literacy within their families, workplaces and communities.

She urged them to start with what they have, however small. A student who learns to budget a modest allowance, saves consistently, avoids unnecessary debt and begins investing early is developing habits that can influence financial decisions for decades.

Her central message was clear:

“Financial inclusion gives people access, but financial literacy gives them the power to turn that access into opportunity, resilience and sustainable wealth.”

The Economics Students Financial Literacy Summit therefore represented more than a conversation about money. It was a call to prepare a new generation of financially informed young people who can contribute to a more inclusive, entrepreneurial and economically resilient Ghana.

Dr. Genevieve Pearl Duncan

Business Strategist | Executive Coach | Financial Inclusion & Entrepreneurship Advocate