Nationwide Financial Literacy Programme to roll out soon – Central Bank official

Deputy Governor of the Bank of Guyana, Dr Terrence Smith believes that more education is needed on financial literacy.
Speaking at a graduation ceremony held at the National Sports Commission’s Racquet Centre late last week, Dr Smith observed that many persons in poorer countries, such as Guyana, are “financially illiterate”, so much so that they are working against maximising their full economic potential.

“[Financial Literacy] is something that is lacking in Guyana especially in the Indigenous communities…it is affecting them and, therefore, it affects the economy of Guyana,” the Bank’s Deputy Governor outlined.
Dr Smith also said that bringing awareness on financial literacy was something that should be brought to the forefront. He further encouraged that young people should have ‘saving qualities’, noting that lack of finances could affect your quality of life, especially if the National Insurance Scheme (NIS) pension was all that you would receive at 60.
“You can’t wait till 55 to start saving,” Dr Smith implored.
He also clarified that the central bank was hoping to develop a financial literacy programme that would be rolled out within the next two months. Dr Smith related that it was after Finance Minister Winston Jordan highlighted the inadequacies of sound financial literacy last year that the Bank opted to formulate the programme.
“He alluded that Guyana needs to come forward with educating the citizens [on] financial literacy; for people to become financial literate in the sense that they’re able to make proper decisions in terms of money they have to spend, so the Bank of Guyana took the initiative,” he noted.
The central bank official further noted that the programme would eventually extend to all regions of the country with special focus on the youth and Indigenous populations.
“I want to start with the youth in primary school, because I feel if you teach folk about financial literacy early on in their lifetime, when they grow up they become more positive and more sensitive to financial decisions and as they get older, they make wiser decisions in terms of financial literacy,” Dr Smith stressed, adding that the programme would benefit Guyanese households.
Ahead of the programme’s media launch and rollout, the official explained that stakeholder meetings were currently being held.
“I am at the moment speaking with the stakeholders like Credit Bureau, National Library…as I begin to get the stakeholders on board and I finish the development of the strategy, I will face the media and roll it out by the end of early July or August,” he expressed.
It was on Thursday last that 22 youths successfully completed the Financial Literacy and Small Business Training Programme. In his address, the Deputy Governor insisted that the graduates carefully utilise the skills garnered as he highlighted the shortcomings that exist in locals in terms of making prudent financial decisions.