The Rotary Club of Barbados has embarked on a project to improve financial literacy among Barbadians, particularly vulnerable women.
The Save, Spend, Thrive project, which started in January and is now in Phase two, has been designed to deliver financial education to empower approximately 100 individuals whose lack of financial literacy is a significant contributor to their socio-economic vulnerability.
During the official launch of the programme on Tuesday, President of the Rotary Club of Barbados Tracey Knight-Lloyd said participants will gain practical knowledge about how financial products and related strategies strengthen their personal financial security.
They will also learn how to prioritise financial goals and needs, manage debt, save and invest, create household budgets, plan for retirement, and learn where to find relevant financial resources and how to make better choices with their money.
Knight-Lloyd said the project targets mothers as well as individuals who are suffering from addiction, are in financially dependent circumstances, are living on government assistance and wish to become self-sufficient, are financially illiterate, have high levels of debt, and are victims of domestic, emotional and financial abuse.
It is being delivered in three phases.
“Phase one consists of a targeted programme for one set of vulnerable women and men. Currently, we are delivering our programme to both residents as well as recovering clients of the Verdun and Marina houses. So far, the sessions have been well-received, and we are confident that we have been able to provide some hope and skills that managing money is indeed an achievable goal,” she told those gathered for the launch in the Christies Conference Room, Barbados Light & Power, Garrison, St Michael.
“Phase two, which will run through April and May, will witness the commencement of our community outreach with free sessions each Saturday at the White Park Wesleyan Church in Bridgetown and that is being done in collaboration with Women of Purpose Ministries….. Phase three will see the launch of a social media campaign designed to highlight ten simple tips for financial literacy.”
Knight-Lloyd said that at the end of the programme, there will be a graduation ceremony and open house that would enable the participants to learn about opportunities for jobs, microcredit, and technical training.
She added that the club plans to host ongoing annual workshops for new participants and refreshers for previous participants and create mentorship circles where Rotarians will be assigned to at least five participants to provide ongoing support, in addition to identifying further training or sustainment needs.
Knight-Lloyd disclosed that a few more spaces are available in the Save, Spend, Thrive programme and interested individuals can contact the Rotary Club of Barbados to participate.
Chief Executive Officer of Verdun House and Marina House Marietta Carrington noted that addiction often leads to people finding it difficult to take care of their financial needs and the Save, Spend, Thrive project can have far-reaching benefits.
She commended the project facilitators for delivering useful tips in a simple and digestible way.
“Thank you, Rotarians, for thinking ahead to ensure that our Barbados is safer and healthier for all…. It is not how much money we earn but it is what we do with it. It’s how, when our lives become unmanageable, we take this information and use it to the best of our ability,” Carrington said.
Founder and Director of Women of Purpose Ministry Jenifer Johnson said even though the organisation works to improve the lives of vulnerable women there are also people with homes, cars and “good jobs” who were seeking help after falling into economic difficulties due to the impact of the COVID-19 pandemic.
She said the Save, Spend, Thrive programme will show women who are financially independent the best way to spend their money.
“We recognise that it isn’t that they don’t have enough money, but budgeting and managing the money is what is necessary. So we want to say ‘thank you’ for helping us to help these young women to take a different look at the money that they have and to recognise that they can save a little amount each week and [they] can be successful,” Johnson said. (AH)
