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October is Financial Literacy Month in ECCU States

Contact: John Emmanuel

Monday, September 30, 2002 - Member Governments of the Eastern Caribbean Currency Union (ECCU) have designated October as Financial Literacy Month, in recognition of the need to increase understanding of financial matters throughout the region. The objective of financial literacy month, is to begin the process of educating the region’s population about financial matters and to generate ongoing discussion about related issues and which forms part of the ECCU financial literacy programme co-ordinated by the Eastern Caribbean Central Bank (ECCB)

According to the ECCB financial literacy is viewed as possessing the knowledge, skills and ability to manage money at the personal, family and business levels. An ECCB spokesperson says the inability of many households to budget, save and invest, prevents them from laying the foundation for a secure financial future. The spokesperson further states it is the prevailing view that bad decisions about savings and investments translate into a failure to lay the groundwork for major acquisitions such as home ownership, college tuition and retirement and can affect not only the individual’s future but that of their entire household.

Among the activities planned for the month of October are visits to work places by officials from various financial institutions to deliver presentations on savings and investing, art competitions in schools, live television and radio panel discussions and the launch of an ECCU Awards Programme in Financial and Economic Journalism in areas of Sport News, Enterprising Reporting, Continuing Coverage and Commenting. Financial institutions throughout the region are being encouraged to host an “Open House” on Friday October 18, 2002.

It is hoped that these initiatives will serve as a springboard to boost financial literacy efforts in the Eastern Caribbean Currency Union. The entire region is being invited to become involved in this process, which can have a serious impact on the economic and social welfare of the region.

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