Labour gov’t to launch Financial Education and Savings Programme in September

The Dr. Terrance Drew-led Labour administration is a step closer to launching its Financial Education and Savings Programme which is now planned for launch in the new academic year.

The innovative financial literacy and economic empowerment programme will specifically target children ages 5 – 18. Its goals are to provide each child with a solid foundation for their financial future and instil healthy financial habits at an early age.

The Financial Education and Savings Programme, the brainchild of Prime Minister Drew, was placed in the hands of the Financial Education and Savings Task Force which is headed by Cabinet Secretary, Dr. Marcus Natta.

In the latest update on the progress of the initiative, a statement issued on behalf of the Financial Education and Savings Task Force said, “In collaboration with the Ministry of Education’s Curriculum Development Unit, a comprehensive financial education curriculum has been developed and is undergoing thorough review to ensure alignment with existing educational frameworks and standards. The curriculum will be integrated into schools in the new academic year 2024-2025, following a comprehensive teacher training programme to ensure effective implementation.

“With a focus on long-term growth and sustainability, the Task Force intends to establish an innovative fund structure designed to balance risk with a stable rate of return. The fund will initially capitalise on stakes in government majority-owned entities such as the St. Kitts-Nevis-Anguilla National Bank and The Cable, with potential for diversification into other sectors in the future. Governed by robust protocols inspired by Eastern Caribbean Central Bank best practices, the fund will provide a platform for young citizens to participate actively in the nation’s economic development, while cultivating positive money habits from an early age.”

It was noted that a “comprehensive communication plan” will be created with the aim of “raising awareness and educating the public about the programme”. This will include information for parents and guardians about how their children can become enrolled in the programme. 

“In conjunction with these developments, the government is pleased to announce that the process of opening savings accounts for youth participants will commence at the start of the new school year in September 2024. These accounts will be established at the St. Kitts-Nevis-Anguilla National Bank, offering special interest rates tailored exclusively for programme participants,” the statement noted.

“The government, led by Dr. Terrance Drew, reaffirms its unwavering commitment to the financial well-being and empowerment of our nation’s youth. Through collaborative efforts and transparent governance, it is confident that the Financial Education and Savings Programme will serve as a beacon of hope, empowering our nation’s youth to build a secure financial future for themselves and their families,” it concluded.


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