‘Manage your money...Live your dreams’
Financial Literacy Month 2008 to promote fiscal prudence
By VonDez Phipps
Reporter-SKNVibes.com
~~Adz:Right~~ BASSETERRE, St. Kitts – OCTOBER has been designated by all OECS Member states as Financial Literacy Month under the theme “Manage your money...Live your dreams”, and government and non-government financial institutions from all over the Eastern Caribbean are promoting the need for financial prudence in order for residents to live a comfortable life.
In speaking to SKNVibes, Deputy Director in Corporate Relations Department of ECCB Sybil Welsh stated that last year’s Financial Literacy Month focussed on saving for the future, but this year the focus would be placed on living the dreams that people have been saving for.
She informed that the staff of ECCB has been engaging various schools, churches, youth groups and businesses in an effort to “get the message out there to as many persons as possible”.
“What we want to stress is that a lot of times people see living from day to day as just trying to survive and they fail to realise that there is joy in fulfilling their dreams like self-employment, land and property ownership and a good retirement. We have to start to think that earning great returns on investments are attainable by all people if they follow a particular prescription.
”This effort is so timely, not only to St. Kitts-Nevis but also to the region at large, and took real foresight. In 2002, we did not see the challenges that we are now facing, and so, this Financial Literacy Month serves to promote awareness. We have a fixed salary but external prices, including gas and food prices, are going sky high, and so, the only thing we can do to tweak the situation is to focus on the proper management of our income.”
During the month, a series of community activities will focus on Understanding Budgets and Finances, Managing and Lowering Debt Costs, Surviving Tough Financial Times and Managing Money in Retirement”.
Activities include radio and television discussions on money matters; daily financial tips on radio stations; visits to schools for presentations to PTAs on savings and investments; and meetings with church groups on personal financial management.
A major highlight of the month-long drive is a Financial Exhibition and Children’s Library Hour at the Charles A. Halbert Public Library for children between the ages of five-15 on October 13-18. On October 4, a lunch-time concert will be held on Bank Street at 11:30 p.m. where the general public would be able to learn from the experiences of others who have succeeded due to proper management of finances. In the afternoon, there will be a mini-marathon and financial fitness tour from Basseterre to Sandy Point, where the group of financial institutions, bearing floats with banners advertising financial products, will travel throughout the island.
Welsh further informed that there is great evidence that persons have responded positively to previous financial literacy projects, as she claimed that many more programmes are coming on stream with similar financial awareness themes. She re-emphasised that the activities are expected to “engender healthy money management practices among our people which will in turn help them to achieve their life’s goals”.
