Parents urged to be good financial role models

Parents of JN Foundation scholarship recipients have been encouraged to be good financial role models to their children, thereby enabling them to establish sound principles in money management when they become adults.

“Be a good role model when it comes to your financial behaviour. Children emulate their parents or guardians; therefore, be cognisant of what you are doing, as it relates to savings,” said Diamond King, youth marketing coordinator at JN Bank.

King was addressing the virtual JN Foundation Scholarship reception on September 26, at which 37 children were officially awarded five-year scholarships in recognition of their outstanding performance in this year’s Primary Exit Profile exam. One student per parish, one student per county who is a participant in the JN Bank Easi Save Programme; and 20 children of employees of The Jamaica National Group are this year’s awardees.

She further urged parents to assist their children to create wealth by teaching them to be thrifty.

“Help your child to develop a savings habit, so they can have money put aside; and once they are into the habit of saving, they’ll feel a sense of accomplishment. You should also encourage them by taking them to the bank with you to deposit their money.”

King also urged the scholarship recipients to be intentional about saving by setting a goal, as children who begin to save early tend to maintain the habit in their adult years.

“Now is the ideal time to save because unlike your parents, you don’t have much expense at this stage of your life. Therefore, if you manage your money well, then it will be there to serve you when you need it. The reverse is also true. If you waste money, there will be none when you really need it,” she told the scholarship recipients.

“Starting good money habits now will put you ahead for the rest of your life,” she added.

School Savers Programme

For the past several years, JN Bank has maintained a vibrant School Savers Programme, which has exposed hundreds of children at the basic, primary, and secondary levels to financial literacy. This year, the programme was rebranded JN Bank Easi Save.

Zane Thompson, a former student of Burnt Savannah Primary School in St Elizabeth, who emerged as the JN Bank Easi Save Scholar for Cornwall County, underscored the benefit of saving from an early age.

“It is important to me because saving has helped me to understand how to manage my money; and when I become older, it will be a habit,” said Zane, who is now a first-form student at Campion College.

He advised that children should start saving early, and emphasised that being consistent will lead them to success in achieving their savings goal.