First National Bank advises young adults on managing financial windfalls

Akweley Laryea, Head of Retail Banking at First National Bank, is advising young adults on how to manage sudden financial windfalls, such as inheritances, gifts, or prize winnings, to ensure long-term wealth creation.

Laryea warns that a common mistake is using windfalls to immediately upgrade lifestyles through luxury purchases like new cars or travel. Instead, she recommends avoiding major financial commitments for at least six to 12 months to allow time for professional advice and structured planning.

Key recommendations for managing sudden wealth include setting clear financial goals, reducing high-cost debt, establishing an emergency fund, and investing for long-term growth rather than seeking short-term gratification.