By Marlon Madden
Come January, the government’s plan to introduce teaching financial literacy in schools will become a reality, starting with six primary and six secondary schools.
On Friday, officials of the Ministry of Energy and Business, the Ministry of Education, Technology and Vocational Training and the Ministry of Foreign Affairs and Foreign Trade launched the National Financial Literacy Expansion Programme.
This school component is an expansion of the Financial Literacy Bureau initiative that was established by the government in October 2020.
During the pilot of the financial literacy programme in schools, which will run from January to June, students will be exposed to a range of finance-related topics including spending, saving, budgeting and the psychology of money (attitudes and behaviour towards money).
The lessons, which will be delivered by “experienced facilitators”, are also expected to explore debt and credit management, investment, retirement planning and credit rating, and they will be delivered in person and include theory and practical components.
Consultant Programme Coordinator Corey Worrell said officials were in an advanced stage of planning and were hoping the programme would start in the next school term, following consultation with principals and teachers, which he said should kick into high gear in the coming weeks.
Giving an overview of the planned programme, Worrell said it would be taught separately from the Ministry of Education’s curriculum and would be taught once or twice per week depending on what comes out of the consultations.
However, following the pilot phase, the Ministry of Education is expected to determine how best the financial literacy programme can be permanently incorporated into the school curriculum.
“So the programme is being designed in a way where we have a blueprint, but depending on the culture of the schools, the needs of the children and the information coming into us from the principals, we can tailor it to suit their needs,” said Worrell.
“At the end of the pilot phase for each school, there will be an initiative that allows for the transfer of that theoretical knowledge into practical application,” said the trained mathematics teacher, adding that there will be careful monitoring and evaluation during the pilot phase.
Worrell explained that once the trial was completed, the financial literacy programme would be introduced into other schools next September.
Minister in the Ministry of Foreign Affairs and Foreign Trade Sandra Husbands said in addition to better money management and good financial practices, she was hoping the programme would teach the students how to create wealth so they would be lifted out of, or not fall into, poverty.
“The financial literacy programme is designed to encourage effective money management, to allow for financial security, wealth building and the ultimate goal of building generational wealth,” said Husbands while expressing hope that business and financial literacy would become a part of dinner table talk in Barbados.
She said the constant changes within the financial and business environments underscored the importance of individuals acquiring a financial education.
Meanwhile, Minister of Energy and Business Senator Lisa Cummins said she was hoping the financial literacy programme would be able to reach individuals who are “hustling day to day and just trying to make sure they are able to survive”.
“We have an opportunity using programmes like this to channel them in the right direction,” she said.
Cummins said there was also a role for business support and development organisations to work with the government and its lending institutions to ensure students who aspire to own a business can easily transition when they graduate.
“We want to be able to create a natural pathway . . . ultimately, a class of new entrepreneurs who not only have full control of their own personal finances but also have control of financial literacy for business,” said Minister Cummins.
As part of the government’s overall financial literacy initiative, residents will soon be able to access an online component of the programme to gain knowledge on money management at their own convenience.
