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

GALA DINNER CELEBRATES 40TH ANNIVERSARY

The Light & Power Employees Co-operative Credit Union Ltd. (LPECCUL) marked an impressive milestone on Saturday night, hosting a memorable 40th Anniversary Gala Dinner at the Accra Hotel. The evening was a celebration of history, resilience, and growth, honouring LPECCUL’s four decades of commitment to financial empowerment and community service in Barbados.

Guests arriving at the gala were greeted with the warm sounds of steelpan music by Ms. Allana Goodridge, a graduate and former junior member of the credit union, who set an elegant tone for the evening. The festivities were expertly guided by Master of Ceremonies Paula Palmer, who delighted the crowd with a mix of exciting prizes and giveaways sponsored by Stade’s Distillery Visitor Centre.

A highlight of the evening was the special achievement award presentation by Mr. Anton Lovell, CEO of Co-Operators General Insurance Company Limited. Mr. Lovell recognised LPECCUL for its outstanding success and commended the longstanding partnership between the two institutions, underscoring the strength of their collaboration.

The evening’s keynote speaker, Lt. Col. Trevor Browne, a founding member of LPECCUL, delivered a compelling speech on the origins of the credit union. He shared insights into its formation, early challenges, and eventual growth, citing the various business ventures and investments made over the years. Lt. Col. Browne emphasized the importance of credit unions in Barbados expanding their focus to attract and support younger members, highlighting the value of investing in youth-led businesses as a way forward.

Closing the event, LPECCUL President Sheena Edwards delivered a heartfelt Vote of Thanks. She expressed deep appreciation to the evening’s special guests, including representatives from credit unions across Barbados, eight of LPECCUL’s original 40 founding members: Anthony Seale, Charles Holder, Donald Hoyte, Oliver Jones, Ian Bridgeman, Julie Alleyne, Keith Burnett and Lt. Col. Trevor Browne, and former company manager Curtis Smith. She also extended her gratitude to the dedicated LPECCUL staff, The Light & Power Employees Co-operative Credit Union Ltd.whose hard work and commitment have been instrumental to the credit union’s enduringsuccess.

The 40th Anniversary Gala Dinner was a celebration not only of LPECCUL’s history but also of its ongoing mission to inspire financial independence and support the community. As LPECCUL continues to innovate and expand its services, the credit union remains committed to fostering financial success for all members.(PR)

Business

Barbados To Host Regional Economic Conference

Local, regional, and international economics, finance, and development experts will gather in Barbados from November 6 to 8, 2024, for the 55th Annual Monetary Studies Conference (AMSC).

The event, which the Central Bank of Barbados is co-hosting with the Caribbean Economic Research Team (CERT), will be held under the theme: “Macroeconomic Management in an Era of Polycrises.”

“We are living at a time when our islands face multiple issues, ranging from high debt levels to climate change, to an aging population to geo-political tensions such as the ongoing Ukraine-Russia war and the Israel-Hamas conflict,” Director of Communications, Information, and Outreach at the Central Bank, Novaline Brewster, said.

“Each of these on its own would represent a challenge. Combined, they could threaten the stability of our economies and the livelihoods of our citizens. The AMSC gives us an opportunity to bring together some of the leading minds to share their insights and offer research-based approaches to addressing these various crises.”

Ms. Brewster revealed that to complement the more technical sessions, on the second day of the conference, November 7, at 4:00 p.m., American economist Professor Jeffrey Sachs will deliver the 37th Adlith Brown Memorial Lecture, the topic for which will be the same as the conference’s theme.

“In addition to the Adlith Brown lecture, we will be hosting a panel discussion entitled: “The Role of Central Banks in Facilitating the Mobilisation of Regional Investment for Development Support” on the final day, November 8, at 10:15 a.m. The panel for that event will comprise several of our regional central bank governors,” she revealed.

Both the panel discussion and the lecture will be livestreamed on the Central Bank of Barbados’ Facebook page and YouTube channel.

Central Bank of Barbados will host the 63rd gathering of this group as Barbados’ Governor, Dr. Kevin Greenidge, is the current Chair of the committee. (PR/GIS)

Business

Barbados to Host Regional Economic Conference

Local, regional, and international economics, finance, and development experts will gather in Barbados from November 6 to 8, 2024 for the 55th Annual Monetary Studies Conference (AMSC). The event, which the Central Bank of Barbados is co-hosting with the Caribbean Economic Research Team (CERT), will be held under the theme “Macroeconomic Management in an Era of Polycrises.” “We are living at a time when our islands face multiple issues, ranging from high debt levels to climate change to an aging population to geo-political tensions such as the ongoing Ukraine-Russia war and the Israel-Hamas conflict,” said Novaline Brewster, Director of Communications, Information, and Outreach at the Central Bank. “Each of these on its own would represent a challenge. Combined, they could threaten the stability of our economies and the livelihoods of our citizens. The AMSC gives us an opportunity to bring together some of the leading minds to share their insights and offer research-based approaches to addressing these various crises.”

The three-day conference will feature sessions related to financial development and financial stability, adjusting to climate change, digital innovations and transformation, regional integration and governance, and regional economic development. Brewster revealed that to complement the more technical sessions, on the second day of the conference, November 7, at 4:00 p.m., American economist Professor Jeffrey Sachs will deliver the 37th Adlith Brown Memorial Lecture, the topic for which will be the same as the conference theme. “In addition to the Adlith Brown lecture, we will be hosting a panel discussion entitled “The Role of Central Banks in Facilitating the Mobilisation of Regional Investment for Development Support” on the final day, November 8, at 10:15 a.m. The panel for that event will comprise several of our regional central bank governors.” Both the panel discussion and the lecture will be livestreamed on the Central Bank of Barbados’ Facebook page and YouTube channel.

The Annual Monetary Studies Conference, the oldest academic conference of economists in the Caribbean, is held in a different territory each year to coincide with the second of the Bi-Annual Meetings of the CARICOM Committee of Central Bank Governors. Central Bank of Barbados will host the 63rd gathering of this group as Barbados Governor Dr. Kevin Greenidge is the current Chair of the committee.