Basseterre, St. Kitts, May 13, 2024 (SKNIS): The Government of St. Kitts and Nevis is pleased to announce significant progress in its mission to foster financial literacy and economic empowerment among the nation's youth through the Financial Education and Savings Programme.
Building on the momentum generated by the initial announcement in December 2023, by Prime Minister Honourable Dr. Terrance M. Drew, the Administration is excited to share updates on the groundbreaking initiatives spearheaded by the Financial Education and Savings Task Force.
Since its inception, the Task Force, led by Dr. Marcus L Natta, Cabinet Secretary, has been diligently working to lay the foundation for a transformative programme aimed at equipping young citizens, aged 5 to 18, with the essential knowledge and skills needed to navigate the complexities of the financial world.
In collaboration with the Ministry of Education’s Curriculum Development Unit, a comprehensive financial education curriculum has been developed and is undergoing thorough review to ensure alignment with existing educational frameworks and standards. The curriculum will be integrated into schools in the new academic year 2024-2025, following a comprehensive teacher training programme to ensure effective implementation.
With a focus on long-term growth and sustainability, the Task Force intends to establish an innovative fund structure designed to balance risk with a stable rate of return. The fund will initially capitalise on stakes in government majority-owned entities such as the St. Kitts-Nevis-Anguilla National Bank and The Cable, with potential for diversification into other sectors in the future. Governed by robust protocols inspired by Eastern Caribbean Central Bank best practices, the fund will provide a platform for young citizens to participate actively in the nation's economic development, while cultivating positive money habits from an early age.
While the financial education and investment strategies are being developed, a comprehensive communication plan will also be created. This plan will focus on raising awareness and educating the public about the program. Additionally, the necessary procedures for program enrollment and participation will be outlined separately.
In conjunction with these developments, the government is pleased to announce that the process of opening savings accounts for youth participants will commence at the start of the new school year in September 2024. These accounts will be established at the St. Kitts-Nevis-Anguilla National Bank, offering special interest rates tailored exclusively for programme participants.
The government led by Dr. Terrance Drew reaffirms its unwavering commitment to the financial well-being and empowerment of our nation's youth. Through collaborative efforts and transparent governance, it is confident that the Financial Education and Savings Programme will serve as a beacon of hope, empowering our nation’s youth to build a secure financial future for themselves and their families.
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