Basseterre, St. Kitts, January 19, 2024 (SKNIS): At its second meeting on January 18, the Financial Education and Savings Task Force continued its efforts to enhance financial literacy among young people in St. Kitts and Nevis. This follows their inaugural meeting on December 6, 2023. Under the leadership of Dr. Marcus L Natta, Cabinet Secretary, the task force is making significant strides in developing the innovative Financial Education and Savings Programme.
The Government of St. Kitts and Nevis, during the 2024 Budget Address on December 13, 2023, announced a comprehensive set of financial incentives, including the creation of the Financial Education and Savings Programme. This initiative, a collaboration with the Eastern Caribbean Central Bank (ECCB) and other vital partners, is focused on improving financial literacy and well-being among the youth.
The programme will include critical topics like budgeting, saving, investing, entrepreneurship, and understanding financial markets. Aimed at young individuals aged 5 to 18, it seeks to equip them with the skills to successfully navigate the financial world.
Each young citizen will receive a savings account with an initial deposit of EC$1,000, highlighting the Programme’s innovative approach. Of this amount, EC$500 will be invested in shares of government majority-owned companies, such as the St. Kitts-Nevis-Anguilla National Bank and The Cable (upon divestment). This investment strategy is designed to involve young citizens in the nation's economic progress.
Dr. Marcus L Natta emphasized the government's dedication to the financial prosperity of the Federation's youth.
“Here in St. Kitts and Nevis, we want our young people to feel confident and informed about money matters. Whether it’s saving up for something special, investing wisely, or just understanding the basics of finances, we're on a mission to help our youth become smart with their money,” said Dr. Natta. “Our goal is to empower them to build a secure financial future for themselves and their families. We believe that everyone deserves the opportunity to learn and thrive, and that includes creating a pathway to generational wealth. The St. Kitts-Nevis Labour Party Administration is excited about guiding our young minds toward financial success and independence.”
The task force comprises representatives from The Cable, St. Kitts-Nevis-Anguilla National Bank, Eastern Caribbean Central Bank (ECCB), St. Kitts and Nevis National Co-operative League Limited, Bankers Association, and other key financial and legal experts.
Dr. Natta said that as the task force progresses with its initiatives, the Government of St. Kitts and Nevis is firmly committed to the financial advancement and empowerment of the nation’s young people.
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