BUSINESS MONDAY: Central Bank to embark on financial literacy campaign

THERE is a need to increase financial literacy as part of the thrust towards increased financial inclusion in Barbados.

So says the Governor of the Central Bank of Barbados, Cleviston Haynes, while addressing a meeting of the Barbados Association of Insurance and Financial Advisors (BARAIFA).

He said that the Bank is about to embark on a financial literacy campaign, in partnership with the Financial Services Commission and others, which will focus on doing just that.

He has invited BARAIFA to also contribute to the effort.

“Use your position to educate the public about the importance of being connected to the financial system and ensure that reasonable measures are applied to entry requirements as well as ongoing due diligence,” Governor Haynes advised.

“Very often, we assume that everyone understands the basics of budgeting, saving, and investing, but this is not always the case,” Haynes pointed out.

He said that there are some, like the school-leaver who is frustrated by account opening requirements, or others dissatisfied with the low interest rates and high fees, all of whom decide to return to the old days and keep their money in a tot.

Saying that Barbados requires its citizens to understand why that is not a wise option, Governor Haynes maintained that “we need them to understand the benefits offered by financial inclusion”.

He believed that having a high level of financial inclusion is key to individual and national development.

“We can presently boast a level that is higher than the global average and we must preserve this accomplishment. Together, let us therefore act to ensure that no one is excluded from Barbados’ financial system,” he added.

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