Financial literacy key to Jamaica’s development
Published:Monday | November 27, 2023 | 12:06 AM
THE EDITOR, Madam:
I read with great interest Lawrence Nicholson’s article published in The Gleaner on November 22, addressing the crucial issue of financial literacy, especially for family-owned businesses in Jamaica. The author sheds light on a matter of national importance, and I would like to take this opportunity to provide further context on the significant role played by the Financial Services Commission (FSC) in advancing financial literacy in our country.
The foundation of our nation’s journey towards improved financial literacy was laid in 2017 when the Government of Jamaica launched the National Financial Inclusion Strategy. This visionary initiative aimed not only to enhance access to the formal financial system, but to also recognise the integral role of financial literacy and cultural norms in achieving true financial inclusion.
The FSC, as a key player in this initiative, took a proactive approach when we commissioned a national baseline survey in collaboration with the OECD/INFE in 2012. Subsequently, the Jamaica Financial Literacy of Youth Baseline Study (2022) was commissioned by the National Financial Inclusion Technical Secretariat at the Bank of Jamaica, in partnership with the FSC and other stakeholders. These surveys have acted as a compass, guiding policymakers and stakeholders towards tailored interventions that respect the unique cultural fabric of Jamaica.
Over the last decade, the FSC has spearheaded and funded various programmes to bridge the gaps in financial knowledge among key demographic groups. Our efforts were focused on reaching youth, women, the disabled, low-income households, and professional groups in the public sector. In 2010, the FSC implemented its annual Schools’ Financial Education Programme, which has benefited over 6,000 secondary school students across the island. More recently, it has expanded to include primary-level students.
Financial inclusion, as our journey has shown, is not a one-size-fits-all endeavour, but a dynamic process requiring continuous adaptation to the evolving needs of the population. The FSC, in alignment with its strategic plans, has continued its work towards this cause. Our strategic partnerships with government and non-government organisations, as well as other stakeholder engagement initiatives, are evidence of our commitment to fostering financial literacy at every level.
As we look ahead, we know that the journey towards financial inclusion is a marathon, not a sprint. The FSC is committed to ensuring that no Jamaican is left behind on the path to financial capability – a pillar for sustainable economic growth and societal well-being.
DAVID GEDDES
Director
Stakeholder Engagement
Communications and
International Relations
Financial Services Commission