Financial literacy drive to transform youth money mindset

In a radical bid to rewrite the financial narrative of an entire generation, the Barbados Entrepreneurship Foundation (BEF) is pioneering a radical financial literacy programme that goes far beyond traditional money management, targeting the psychological roots of financial behaviour among young Barbadians.

The initiative, designed to bridge a critical gap in education, addresses young people’s fundamental relationship with money, savings habits, and the societal importance of taxes.

“This year, more importantly, we’ve included financial literacy for the first time,” explained Celeste Foster, programmes director at the BEF. “There’s a dedicated financial literacy track on top of all the other business that we do. It starts with the psychology of money—what is the relationship you have with money? What we are recognising is that money is not talked about in our households.”

The programme has taken a practical, community-based approach, ensuring that lessons are relevant to everyday life. Participants learn not only how to save and invest but also how financial decisions impact broader societal structures.

“It’s not just about how to pay taxes,” she explained. “It’s about understanding that without taxes, society cannot function.”

Recognising the importance of a supportive environment, the BEF is expanding its financial literacy efforts to involve parents and guardians. This approach aims to create a cohesive learning experience where financial lessons are reinforced at home.

“We are considering teaching parents so that it’s not only the children learning, but parents get involved too,” said Foster. “Most of our programmes are successful because of family involvement—parents, grandparents, aunties, and uncles.”

The programme’s emphasis on family engagement reflects a larger strategy to instil sustainable financial habits across generations. Foster noted that some parents have already begun participating in the sessions.

“Parents mentioned to me today that they have been on the calls, but we want to do a session especially for parents in the new year,” she added.

To make financial literacy engaging and relatable, the BEF introduced competitive elements to encourage habit formation. In the Mr Executive Challenge, participants compete to demonstrate consistent savings behaviour.

“The Affinity Plus Credit Union has issued a challenge this year,” Foster said. “It’s not about only saving the amount. Who saves most consistently? So it’s about habit-forming.”

Such initiatives make the learning process enjoyable while emphasising the importance of regular and disciplined financial practices. Foster believes this approach helps participants understand that financial stability is not just about one-time actions but about building lasting habits.

While the BEF’s efforts are making strides in improving financial literacy, Foster acknowledged that access to funding remains a significant obstacle for small and medium-sized enterprises (SMEs) in Barbados.

“The biggest challenge still facing our SME sector, our entrepreneurial sector, is access to funding,” she said. “That is one of the reasons financial literacy now becomes critically important.”

The foundation is tackling this issue by educating participants about the stages of financing and how to strategically approach funding opportunities.

“When we start to understand our relationship with money, how we manage money, and the stages of financing we need to seek in a business, then we start to recognise how to better influence those financing opportunities,” Foster explained.

The BEF’s ultimate goal is to empower Barbadian youth and their families to make informed financial decisions that contribute to personal and societal well-being. By addressing fundamental financial concepts and involving entire households, the initiative is laying the groundwork for a more financially literate society.

“We are helping young people understand how to save, invest, and make decisions about money,” Foster said. “Imagine that a young person starts to understand the underpinnings of how a society works and how taxes are important. This is how we begin to create change.”