Educate your children on being financially responsible.
This is the advice that Marketing Manager in the Marketing Department at the Barbados Public Workers’ Co-operative Credit Union Limited (BPWCCUL), Stacy Mottley, sent out to parents as she delivered remarks at the presentation of prizes to the winners of their Essay Contest on the topic of ‘What does it mean to be financially responsible?’ recently at union headquarters.
“Parents, the truth of the matter is that family has the greatest influence on the financial knowledge of our young people. Having read all of the essays submitted, this was made even more evident as our young people drew references to the financial successes and failures of those around them.”
She continued, “It may mean having some hard discussions with them about wants versus needs, about setting goals and delayed gratification. For some reason, we avoid these types of discussions with our children, believing that it’s none of their concern. But I remind us that we are raising future adults.”
Mottley said that being financially literate involves making the best decisions possible when it comes to managing your money.
“Financial literacy is about understanding how money works and being able to make informed decisions about how it is earned, how we manage it in terms of savings and spending, how we invest it – i.e. turn it into more money – and how we donate it to help others.”
She said that this is something that they have to teach their children. They also have to show their children how they can learn from mistakes that they made, so that they do not repeat them when they are adults and making their own financial decisions.
“These young people have dreams, and they recognise the link between financial responsibility and being able to achieve those dreams. This is a good start.
“I encourage you as parents and guardians to nurture the seed planted here. Help them to avoid the mistakes we may have made financially.”
She said that their credit union is committed to helping young people learn about financial responsibility from as young an age as possible.
“For us at the BPWCCUL, it is also about building up our community and strengthening families, which we see as having a direct correlation to a stronger credit union movement and membership. It is for this reason that we remain committed to providing many developmental opportunities for not only General Membership, but specifically in this instance our Thrift Club membership.”
This is reflected in their programmes, said Mottley.
“Our Credit Union has, for the last few years, intensified our efforts at championing the cause of financial literacy in Barbados, primarily through our Thrift Club School Savers Programme, which is currently ongoing at four schools on the island; with discussions under way with a few others. The most recent addition to the School Savers Programme is the student-run Credit Union branch at the St. Michael School.”
