Week focuses on financial literacy

Money Matters BVI is currently celebrating Global Money Week 2022, an international observance focused on developing financial literacy skills in children and young adults.

Here in the Virgin Islands, activities include student field trips to banks and other financial institutions, according to Rhonda Hodge-Smith, coordinator of financial literacy at the Financial Services Commission.

Participants, she said, will gain “firsthand knowledge of product offerings, the working of the institutions, and an understanding as to how financial products fit into the individual armoury for wealth building and preservation.”

Older students will also get an understanding of “macroeconomic frameworks” so they can be savvier market users, she added.

Institutions

Participating institutions fit into the broad categories of regulator, government accounting, and providers of banking, insurance and investment products, according to a Money Matters press release.

MMBVI has also planned other activities, including the launch of a billboard near Pasea Estate and various social media promotions.

“While March is a hectic month for BVI youth, with [Global Money Week] coming on the heels of other local activities like Education Week and sporting competitions, according to principals and financial executives the field trips are crucial since they present the opportunity for youth to have coordinated experiential interaction with financial institutions,” Ms. Hodge-Smith stated in the release.

Internationally, Global Money Week is sponsored by the Organisation for Economic Cooperation and Development and the International Network on Financial Education.

‘Financial literacy’

FSC Managing Director and CEO Kenneth Baker said with the “plethora” of financial products coming to the market, it’s more important than ever that young people understand them and choose wisely.

“With its emphasis on childhood financial literacy, Global Money Week has presented an excellent opportunity for the commission,” he said. “In the long run, the expectation is that we will see generational improvements in financial literacy via improved knowledge, understanding, and confidence in decision making toward personal economic goals.”

More details on Global Money Week activities are available on the Money Matters Facebook page, @moneymattersbvi.

Money Matters is part of the FSC’s financial literacy programme. Its goal is to engage audiences of all ages with the objective of raising awareness on topics including personal financial management, financial rights and responsibilities, saving, banking, investing, debt and wealth management, and estate planning.