Business

FINANCIAL LITERACY DRIVE

Government is intensifying its efforts to educate citizens about financial literacy, in an attempt to ensure they improve their money-management skills, and make better financial decisions. And, Consultant to the Financial Literacy Bureau and “FLB Champion”, David Simpson, said this sensitisation targets every citizen/resident of Barbados, regardless of age, gender, academic, or professional background.

Mr. Simpson emphasised the importance of financial literacy, saying it was critical to our future development as a people, and country. Therefore, he said, officials at the Financial Literacy Bureau (FLB) “will not stop until the objective has been achieved”.

Even children, the FLB Champion pointed out, will be brought into the loop, so they too will be armed with the necessary information to make good financial decisions with regards to any money they receive.

“The Financial Literacy Bureau has been working with the Ministry of Education and other community stakeholders to have our programmes included in each school’s activities.

“More importantly, we are working to have the school curriculum updated to reflect elements of financial literacy and money management being taught to our children from as early as nursery level, right up to university,” he disclosed.

In addition, Mr. Simpson said officials at the FLB had already consulted various community groups, and were actively preparing customised programmes for their members. He noted that the Bureau had also delivered financial literacy interventions for a few corporate entities and other social/community groups over the past six months.

Financial literacy refers to individuals possessing skills and knowledge on financial matters that enable them to confidently take effective action that best fulfils their personal, family, business, and community goals. Several countries across the globe have also introduced financial literacy programmes to help their citizens manage their personal finances.

Financial literacy refers to individuals possessing skills and knowledge on financial matters that enable them to confidently take effective action that best fulfils their personal, family, business, and community goals. Several countries across the globe have also introduced financial literacy programmes to help their citizens manage their personal finances.

Mr. Simpson explained that over the years, in Barbados, it became evident, not only to Government and its agencies but also business support organisations, the banking sector and the credit union movement, that the ability of their various constituents to navigate financial transactions and related matters was not at acceptable levels.

“Financial and money matters touch every single part of our daily existence – we work to earn money; we spend that money investing, saving and consuming – so Government realised that an intervention was required.

**Consultant to the Financial Literacy Bureau and “FLB Champion”, David Simpson. (BGIS)**

“This intervention is based on three key pillars – the improvement of money management skills; building a strong foundation for financial decisions, and promoting the creation of an investment culture that facilitates the creation of wealth that is intergenerational,” he pointed out.

Financial experts across the world are of the view that when people understand basic financial concepts, they are in a better position to navigate in the financial system. They agree that those who receive financial literacy training make better financial decisions and manage their money better than those who do not receive such exposure.

Indeed, some members of the public who participated in the financial literacy sessions here even reported that they have been applying the information shared and are already reaping success.

Mr. Simpson noted that the response to the sessions has been “exceptional”, especially since the weekly webinars were moved to the online Zoom platform.

He said this allowed the FLB to reach more people in the comfort of their homes, offices, etcetera. “Our attendees have valued the insights, information and content shared and have been very engaged in all of our sessions to date,” he indicated.

Financial experts across the world are of the view that when people understand basic financial concepts, they are in a better position to navigate in the financial system. They agree that those who receive financial literacy training make better financial decisions and manage their money better than those who do not receive such exposure.

He said the Barbadian population has been segmented into a few niche groups, namely households; businesses (especially small business and entrepreneurs); children (school aged and tertiary institutions), and community groups/non-governmental organisations, to ensure the sessions are effective.

Some of the areas being covered during the webinars are: Introduction to Savings and Investment; Managing Your Credit Cards; Retirement Planning; Understanding Social Security, NIS and Pension Benefits; Estate Planning – using Wills, Trust, etc.; Costing and Pricing of Products and Services, and Managing Your Credit Rating.

The FLB Champion pointed out that the course catalogue will be revised, so more courses will be available for attendees.

And, for those people who believe they are good at managing their finances, and may not need the training, Mr. Simpson reminds: “There is always room for improvement, so you can do better at financial management. This will translate to more savings, more investments, better consumption practices, as well as more focus on financial and other goals.”

Several small businesses have been impacted severely as a result of the COVID-19 pandemic, and the FLB Champion is encouraging entrepreneurs to join the FLB’s sessions, and receive valuable tips to help them transform their businesses.

“As with any crisis, self-reflection and analysis are important. COVID-19 mandated that we reassess how we conducted our business, how we used technology, as well as how we interacted with our customers and clients.

“This was necessary not only from a health perspective but also in terms of ensuring sustainability and future viability, as consumer spending habits and tastes were forcefully changed,” he stated.

One thing is clear, we have not been able to stretch our dollars like our grandparents did in the past. And, with the rising cost of living because of internal and external factors, the glimmer of hope seems to be fading.

However, if we take advantage of the financial literacy training being offered, we can put ourselves on the path to storing up that nest egg, not only for ourselves, but our children, thus creating that opportunity for intergenerational wealth. (PR/GIS)

Business

COURTESY GARAGE INTRODUCES HYUNDAI GREEN MOBILITY FLEET

As Barbados moves towards the United Nations Sustainable Development Goals (SDG,) members and friends of BIBA, the Association for Global Business, recently had a first hand look at the new Hyundai electric and hybrid vehicles as Courtesy Garage unveiled its Green Mobility Fleet.

The new 2025 Santa Fe and Tucson models were unveiled by officials of Courtesy and BIBA – President, Marlon Yarde and Executive Director, Carmel Haynes; along with Allan Bayne, CEO of the Automotive Division of the Goddard Group and Andrez Greene, General Manager of Courtesy Garage, while the Ioniq 5 and Kona electric and hybrid vehicles were on display on arrival at the Mahogany Ridge event.

*Allan Bayne and Carmel Haynes unveil the new Hyundai Tucson*

In welcoming guests to the event, General Manager Andrez Greene, stated that the launch marked the 103-year-old company’s move into a new sustainable chapter that aligned with the island’s visions of becoming a clean and resilient energy economy, that will support the National Energy Policy. He also explained that the Courtesy service team had undergone extensive training in EV Technology to ensure that clients were supported throughout their experience.

*Some of the guests who attended the Launch of the Courtesy Hyundai Green Mobility Fleet*

“Our skilled technicians are trained to work on these advanced hybrid systems, ensuring your Hyundai receives the expert care it deserves. From routine maintenance to any potential repairs covered under the vehicle or high-voltage component warranties, we have the tools, technology, and expertise to keep your vehicle running smoothly and efficiently for years to come” stated Scott Bentham, the Service Manager at Courtesy Garage as he reinforced the words of General Manager Greene.

Just before Hyundai Sales Manager Ryan Morris unveiled the new vehicles, he introduced the Sales Team of Lisa Boyce, Mechelle Clarke & Derek Harris to the audience and spoke about the Hyundai commitment to sustainable new energy and the company’s strategy for electrification.

He explained that as the 3rd largest car manufacturer in the world, Hyundai still intended to grow, aiming to sell 2 million EV’s per year globally by 2030. He stated that they intend to offer a full lineup of 21 EV Models by 2030 ranging from affordable to luxury and high-performance vehicles.

“This is a demonstration of what’s possible when the private sector aligns with the national development goals; and BIBA is proud to stand with Courtesy’s green initiative which reminds us of the power of partnerships in advancing sustainability” stated President of BIBA Marlon Yarde, as he welcomed all to the event. He urged the guests to make more conscious choices generally, ‘as we look to a low carbon future and we journey to a more resilient Barbados.’

In explaining the various conveniences which Courtesy had put in place for clients, Andrez Greene stated that with every EV purchase, Courtesy will provide a free home charger installation, “because charging should be easy, accessible and on your terms” he added. (PR/GIS)

Business

EXPORT BARBADOS TO LAUNCH ITS EXPORT-IMPACT (EXIM) PROGRAMME

Export Barbados is set to roll out a comprehensive suite of support mechanisms with the focus on protecting gains, expanding exports and strengthening the sector.

Business

Young Upcoming Executives Spend Time with Regional Executives

Eleven eager young men with aspirations to become executives or entrepreneurs when they grow up, had a unique opportunity recently when they visited and sat with the most senior executives at the regional head office of CIBC Caribbean.

The semi-finalists and finalists in the 2025 Mr. Executive Challenge had the opportunity to meet and ask questions of the members of the executive suite of the bank.

*Mark St. Hill chats with the students as he welcomed them to the Job Shadow Day at the bank, to his left is Donna Wellington, Chief Country Management Officer.*

The students, representing their respective secondary schools, met with Chief Executive Officer, Mark St. Hill; Chief Financial Officer, Carl Lewis; Chief Risk Officer, Patrick McKenna; Chief Auditor, Khadija Bourne; Chief Country Management Officer, Donna Wellington; Deputy Chief Information Officer, Infrastructure, Neil Matthews deputising for the Chief Information Officer Esan Peters; Managing Director, Transformation Governance and Control, Doug Williamson; and Head of Country Barbados, Kemar Polius.

*The students engaging with Michelle Whitelaw – Director Personal and Business Banking as they visit the Warrens branch*

St. Hill welcomed the young men to the bank, congratulating them on being a part of what he considered to be an excellent initiative, explaining that they had left a serious impression on him when they met at the entrepreneurship graduation ceremony a few weeks ago. He urged them to ‘Live your dreams and go for what you want to do.’ He congratulated all of them saying, “You have shown that you are a cut above the rest”

*Kemar Polius, the bank’s new Head of Country for Barbados and Joseph Taitt-Small of Alleyne School engaged in active conversation just prior to lunch*

The CEO said 70% of the bank’s workforce, and 50% of its leadership is female, noting “that is why it is important for the bank to be involved in programmes like this one, where males are encouraged to step up”.

The various executives also gave inspiring and reassuring words to the students, Donna Wellington explained that the day will serve to open their eyes to the many careers available to young men in the bank. She explained that while people normally think only of counting money in a branch, there are so many other careers in technology, marketing, risk, legal, human resources, and property management. She therefore urged them to “embrace, learn what you can, we want to open your eyes to what is possible.”

Barbados’ new Head of Country, Kemar Polius shared with the students that he never saw himself sitting in a board room like the one they were in, and working at this level in a bank, but he was given an opportunity which he grabbed with both hands and made the best of it. He encouraged them to do the same.

The general direction from the other Executives was for the young men to focus on what they wanted to do, examine every opportunity given and recognise that life is not a straight line.

Neil Matthews, in addition to his post at the bank is also a Lieutenant Commander of the Barbados Defence Force and has been coopted to head the Cyber Security and Drone Units to help protect the country from cyber-attacks. He said that as a teenager, he never envisaged himself being in this position, but people recognised some value in him and pushed him to achieve and he has never stopped learning. He added that he would be back in ‘school’ to do a course from the following day.

Coordinator of the Mr Executive Challenge, Winston Cumberbatch, explained how the students reacted “For weeks they had been looking forward to the Job Shadow with great anticipation. However, none of them could have envisioned what actually took place. They were totally blown away by the level of interest, hospitality and inspiration that the CIBC Executives gave.”

Following that eventful meeting with the executives, the boys were taken on a tour of the bank’s departments where they were able to meet staff members who explained the duties and operations of their departments and answered many questions from the curious young men, as they sought to understand the areas and the opportunities there.

They visited the Treasury department, where the team explained the department that manages the bank’s financial resources – the cash in circulation, capital management on a regional level. This department is the one that makes sure there is cash available when and where it is needed. The young men quizzed this team on how they managed the foreign exchange with the amount of shopping that Barbadians do online with Amazon and Shein, and they also wanted to know if the bank had adopted AI as yet.

The Compliance team told them about the three areas under their portfolio – AML (Anti Money Laundering), Compliance and Advisory Sanctions. The next stop at HR (Human Resources) was where they had a chat with Jacintha Hinds, Officer, Human Resources, who shared her passion for HR and answered their many questions about qualifications and the issues that affect how people behave.

Other departments which the students enjoyed visiting were the Legal department, Corporate and Investment Banking, before they went on a tour of the Warrens branch across the street, following which they sat down to a sumptuous lunch with the executives in the company’s board room.

The afternoon session saw them visiting the Marketing, Communications, Engagement and Technology units before they left and headed home, full of information which they can now process for their own careers.

In wrapping up the session, Coordinator Winston Cumberbatch added “The operations knowledge imparted during the tour of the office and the bank, along with the questions that followed, made the occasion an educational engagement of the highest order, which could not have been possible in the classroom. As Coordinator, I am extremely grateful to CIBC Caribbean for going beyond their financial support to offer such a life changing experience to these well deserving young men from eleven of our secondary Schools.” (PR)