Barbadian children should be introduced to financial literacy from as early as primary school, the head of the national umbrella body of credit unions and cooperatives has suggested.
President of the Barbados Cooperatives and Credit Union League Limited (BCCULL) Kemar Cumberbatch said financial education would equip the younger generation with essential financial skills, including personal financial management, budgeting and saving.
Financial literacy, defined as the ability to understand and effectively apply various financial skills, has been identified as a pivotal tool in fostering economic empowerment and stability within the community.
Cumberbatch declared: “We do not necessarily come together in the way that we should, and in cases where you have a business, we do not look to pass on any education to others coming up. We all know that there are some black businesses, black-owned businesses, that have passed down through through families. However, some of them then are tied up in court and other issues when persons die and all of that.
“Some are looking at the money and that is where the financial literacy comes in. You recognise‘Look, this is a family, my daddy created it, mommy created it and passed it on to us. We work together we make sure that it remains a viable business.’ This is something that within the sector, we’re looking at. Credit unions, in general, put on financial literacy fairs, and they put on financial literacy sessions monthly to try to educate our members.”
The credit union league head suggested that financial education should not be deferred until adulthood. In this regard, he said credit unions have been proactive, instituting programmes which are not just aimed at signing up young members but also about instilling a culture of saving and prudent financial management from an early age.
Cumberbatch explained that they were present in schools, with initiatives like C.A.R.E.S (Children Are Really Enthusiastic Savers) from the City of Bridgetown Credit Union, Thrift from the Barbados Public Workers Cooperative Credit Union, and another programme from the Barbados Workers Union Cooperative Credit Union, adding that the credit unions aimed to enroll members from an early age. He emphasised that their approach wasn’t about giving money for events but ratherteaching children the benefits of saving.
“It’s not a case where you come into the school and you give them money for a fair or an event or graduation but you teach your children to see if you show them the benefits of saving,” he said.
“We have some young people who have some tremendous savings because you know, they’re not like us that gonna buy a car when they have some money… they’re gonna share with each other… They’re going to try to save and say, ‘look, this is my $10, my $5.’” (RG)
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