Business

Pilot Phase Of Community Financial Literacy Programme Starts

The pilot phase of the community component of the National Financial Literacy Programme has started.

National Coordinator of the Ministry of Energy and Business’ financial literacy initiative, David Simpson, disclosed that the City of Bridgetown; Lammings, St. Joseph; and Holders Hill, St. James, have been identified as the three communities that will receive financial literacy sensitisation.

Mr. Simpson further disclosed that his team had recently commenced the community engagement with some residents in The City who will have access to employment opportunities during the 2024 International Cricket Council (ICC) Men’s T20 World Cup.

“We thought it wise to start in The City and share valuable information with those working during this period. We’re very interested in ensuring that when they get these opportunities, even though they may be short stints, they can manage their money; understand the importance of getting a bank account and saving some, and also budget….

“So, we just want to sow those seeds of financial management and financial education before they get the exposure and start to get paid,” he explained.

Mr. Simpson added that there would be mentoring of households in each pilot community, and his team would be working with the Ministry of People Empowerment and Elder Affairs, and the Community Development Department.

He noted that a workbook similar to the ones created for primary and secondary schools was being developed for the community. Additionally, he pointed out that those involved in the programme would be assigned to work on a financial literacy household project.

Community Coordinator for the National Financial Literacy Programme, Kevin Henry, stressed the importance of this component, as well as sharing financial literacy information across the island to churches, youth groups, communities, and community organisations, among others.

“The programme also has a component where there’s going to be a level of coaching and financial tutoring available for families. So, a family can sign up to go through the process of financial learning, and they will have a coach assigned to them over a period of time, where they will go through the five elements of financial literacy, and then walk hand-in-hand with them as they implement some of those things within their households, and in daily practice.

“We hope to help change the culture towards money, where the person controls and dictates how money will flow and how he/she can even invest and create generational wealth for the family. We want to change habits and cultures, allowing people to realise that the concept of saving and investing does not mean going to the big target one time. It will start with small habits. So, if you can only save 25 cents a week, we start there and we repeat that habit over and over again,” Mr. Henry stated.

Mr. Simpson expressed the view that people have some financial and money management challenges at some point. “Ultimately, what we’re trying to do is to change mindsets and behaviours. So, we see this programme as very important, as it allows us to get in there to work closely with households and individuals to create the habits needed to change the mindset,” he explained.

Earlier this year, the pilot phase of the National Financial Literacy Programme was introduced in six primary and seven secondary schools. (PR/GIS)

Caption: National Coordinator of the Ministry of Energy and Business’ financial literacy initiative, David Simpson (left), and Community Coordinator for the National Financial Literacy Programme, Kevin Henry (right), chatting with some individuals at the community engagement in The City

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.