Most candidates talked about the role of a father to protect the family instead of ways
to provide economic security like explanation of savings, investment etc.
The required answers to the question are as follows:
i. Savings
ii. Insurance
iii. Investment
iv. Contribution or Ajo, OsusuJlsusu, Adashi, thrift collection
v. Cooperatives
i. Savings -This result from the careful management of
income and expenditure so that, there is something left to put
aside for the future. This can then be used in case of
emergency, retirement or investment .
ii. Insurance: is a contact between an individual or
company/businesses and an insurance company. It is a form of
savings as well as a means of providing security against
financial loss resulting from burglary, fire, accident etc.
iii. Investment - is a form of business where money is put into the
buying of properties, stocks, shares, bonds etc. These
investments yield dividends and they can be sold to make
profit. The family can also invest in farm and gardens.
iv. Cooperatives - cooperative societies are business
organizations formed by people who have similar interest.
There are three types of cooperatives which are producers,
consumers and credit and thrift cooperatives. Profits made by
the cooperative society are shared among members. They also
give loan to members at a very low interest rate.
v. Contribution/osusu/isusu/ajo/adaoshi and thrift collection-
They are all an informal ways of putting money aside for future
use in the family. It is normally organized by groups of people.
The arrangement for the collection and payment varies from
group to group
