BASSETERRE, St. Kitts – MINISTER of Finance, International Trade and Commerce Hon. Dr. Timothy Harris has outlined a number of financial tips for consumers to stay afloat during the current period of economic uncertainty.
In his opening address at Monday’s (Aug. 17) Consultation on the Economy, Harris affirmed his ministry’s commitment to public education and awareness. The event, held at the Cayon Community Centre, brought together a wide cross-section of consumers and allowed them to personally engage various financial experts.
Harris urged all consumers to create a personal budget to keep track of their expenses and income. Consumers must compare total expenses with total income over the same period, according to Harris, in order to ascertain whether a surplus or deficit was achieved.
“Specifically, in these challenging times, we should set up an emergency fund, reduce our debt, review bank account statements and query an error, inconsistency or unknown entry. Shop based on needs and not wants. Shop around at Supermarkets and pharmacies; there can be large price differentials,” Harris noted.
Since the world’s largest economies were first faced with challenges late last year, adverse effects have trickled down to small and vulnerable economies. The Caribbean continues to experience widespread unemployment and plunges in consumer confidence that have led to negative growth records for many regional economies.
The Ministry of Finance, therefore, launched a financial public education initiative to equip consumers with the relevant knowledge to cope with the challenges before them.
“There are no magic rules that will solve everyone’s financial troubles, but there are certain tested rules that have produced efficacious results. I am confident that we can all advance substantially after tonight in our efforts to grapple with the challenges which we now face, as well as those which may confront us in the future,” Harris said.
He cautioned, however, that consumers must utilize the knowledge that was imparted to them. He added that public education programmes of such a nature are not “solo events”, but rather should serve to spawn other related exercises around the island.
The Finance Minister informed that as the series of public education forums continues, his ministry would address matters of investment and savings, as he noted they are “very crucial in staving off the negative fallout of the global financial crisis”.
