Virgin Islands residents practice “average to good financial management skills,” but low-income residents face greater challenges managing their money than their higher earning counterparts, a recent survey found.
The Financial Literacy Survey Report 2011 released Tuesday by the Financial Services Commission suggests that most residents try to be financially responsible and live within their means, but they face many challenges, FSC officials said.
“Overall, these findings suggest that people are more likely to be managing their money day to day than planning for the long term. Many are having challenges making ends meet and finding it hard to save for a rainy day,” the report concluded.
Elise Donovan, the FSC’s financial literacy coordinator, said that less than half the survey respondents – 48 percent – have enough money saved to last them more than six months if they lost their main source of income.
See the Nov. 24, 2011 edition for full coverage.