The pilot phase of the Ministry of Energy and Business’ National Financial Literacy Programme is already bearing fruit, with some students reporting that they have improved their spending habits and at least one has created a small business.
Forty-three students of the technical and vocational group of the Barbados YouthAdvance Corps recently completed the pilot phase of the programme, described as a critical tool in the government’s efforts to empower Barbadians in the management of their money, so that they can generate wealth.
Recruit Lévonté Williams praised the programme which he said taught him a great deal and even motivated him to create a small business.
“As a result of this programme, I have been able to save and create my own business. I had plans to start another small business, but I got an idea from Ms Armstrong (the facilitator) – she doesn’t even know – and I went from there,” he said.
Initially, Williams was unsure about how much he would learn from the programme since he was familiar with some aspects of the topics being taught. However, he is elated that he did not allow his hesitation to get the better of him, saying he has thoroughly enjoyed and benefitted from the informative sessions.
Lead facilitator Marcia Armstrong discussing financial literacy issues with recruits from the Barbados YouthAdvance Corps.
“The programme was a good one, and I would encourage persons to be a part of it, especially the young generation. From the information shared with us, we are in a better position to spend our money wisely and also make wise investments,” he surmised.
Recruit Lévonté Williams making a point to (from left) facilitator Jerome Lovell; facilitator Marcia Armstrong; Programme Coordinator for the schools and online component of the National Financial Literacy Programme, Corey Worrell; recruit Kymara Trotman; and Programme Officer for Career Development at the Barbados YouthAdvance Corps, Fabian Sargeant.
Recruit Kymara Trotman said she learned a lot about budgeting and saving, focusing on needs and not wants, and making investments so she has the option of retiring by a certain age.
She added that she has been practising what she learned, especially since, in the past, she sometimes leaned towards purchasing items she wanted and not needed.
“I like to eat, so I thought about what the facilitator said and the money that I would spend on food. I now save and I have a tot that I put the money in….
“I am not sure how much I have saved but I know I saved a lot…. I would spend a lot of unnecessary money…when I go to the supermarket…. I would see something on the shelf and say, ‘I want it’, and put it in the basket, knowing that it is not in my budget…. Then, I would have to take out money from somewhere else and then I would have to put back the money,” Trotman said.
Marcia Armstrong interacting with Ricardo Griffith (centre) and Matthew Goodridge.
The young recruit thoroughly enjoyed the programme, which had classes twice weekly. She lauded the facilitator, whom she described as “very professional and understanding” and methodical in her teaching.
Trotman is encouraging young people to save, no matter how little. “There is no limit to saving; a dollar or $2 a day – all is saving. If you get $20 a day, you can put down $2 daily, and that will add up and grow,” she suggested.
To her peers who undertook the programme, she encouraged them to share the valuable information they learned with their families to strengthen their budgeting skills and make wise spending decisions. She also contended that the Financial Literacy Programme is needed in secondary and primary schools.
Second-form students in seven secondary schools and those in Class Two at six primary schools are being taught about financial literacy, in partnership with Affinity Plus Credit Union Limited.
Programme Officer for Career Development at the Barbados YouthAdvance Corps, Fabian Sargeant, explained that from January to August, the organisation offers “bridging programmes” in which young people are exposed to various areas to strengthen their skill sets as they prepare for the world of work.
Sargeant underscored the importance of the financial literacy training, saying it was timely as the recruits receive a stipend and would learn about managing their money. He expressed the view that it was necessary to reinforce these concepts along the students’ career development path.
He added: “It is really about helping them to understand how to plan, the best ways to spend, and how to grow their money. A lot of them at this stage believe in spending…. These young people…have not been really exposed to money and the growth of money in a real productive way. These particular programmes are extremely important to fill that void…regarding understanding finances, and everything associated with it….
“If they don’t know how to manage [money], if they don’t understand the whole concept of growing money and business, then chances are they will fail at whatever they are doing, even in their personal lives, because then they will not be able to afford the very basics that they would need.…”
Sargeant sees the Financial Literacy Programme as a potential “staple” in the Barbados YouthAdvance Corps’ technical and vocational programme.
Facilitator Marcia Armstrong said the young people are enjoying the programme and practising what they have been taught. She added that there has been a “high level of engagement” at the various locations, with the children utilising the concepts and terms learned.
“This initiative is just awesome overall. We planted the seeds with this programme, and I honestly believe that when I look back two or three years from today, I expect to see businesses being birthed from this experience…. Some of those children know exactly where they want to go…. “I’m so happy that Barbados launched this initiative. I believe that it will pay back a return on the investment time and time again…. I honestly believe that they (young people) will be in a position to take Barbados into the next dimension, in regard to what they can accomplish and at an earlier age as well,” Armstrong suggested.
She wants each student who undertook the training to become an ambassador for the programme and share their knowledge with their families.
Programme Coordinator for the schools and online component of the programme, Corey Worrell, said principals and teachers have been very supportive of the programme, and the latter have even offered suggestions on how its delivery could be improved.
Worrell said some aspects of the programme will be adjusted as it continues to be rolled out. He disclosed that Minister of Energy and Business Senator Lisa Cummins has given the team the mandate to scale up the programme.
Citizens, businesses, church groups, clubs, or corporate groups interested in improving their financial literacy should call the ministry at 535-7700, or email flb.246@barbados.gov.bb to arrange for presentations from the team. (BGIS)
