I read Lawrence Nicholson’s article about financial literacy, which was published in The Gleaner on November 22, with great curiosity. This article focused on the important topic of family-owned companies in Jamaica. The author sheds light on a topic of national significance, and I’d like to use this opportunity to add more context to the Commission for Financial Services’s (FSC) important contribution to raising financial literacy in our nation.
The Government of Jamaica launched the National Financial Inclusion Strategy in 2017, laying the groundwork for our country’s journey towards improved economic education. This innovative project sought to recognize the crucial importance of financial literacy and social norms in achieving real financial inclusion in addition to improving access to the conventional financial system.
When we commissioned a regional baseline survey in 2012 in partnership with the OECD/INFE, the FSC—a key player in this initiative—took an active stance. The National Financial Inclusion Technical Secretariat at the Bank of Jamaica later commissioned the FSC and other stakeholders to conduct the Jamaica Financial Literacy of Youth Baseline Study (2022). These surveys have served as a map, directing stakeholders and policymakers toward targeted interventions that value Jamaica’s distinctive cultural makeup.
The FSC has led and funded a number of initiatives over the past ten years to close the financial knowledge gaps among important socioeconomic groups. Reaching young people, the elderly, the impaired, low-income homes, and public sector professionals was the main goal of our efforts. Over 6,000 secondary school students across the island have benefited from the FSC’s yearly Schools’ Financial Education Program, which was implemented in 2010. It has just been expanded to encompass students at the primary level.
Financial participation, as our experience has demonstrated, is not a one-size-fits-all endeavor but rather an expanding process that necessitates ongoing adaptation to the changing needs of the populace. In accordance with its strategic plans, the FSC has carried on its efforts to advance this cause. Our dedication to promoting financial education at all levels is demonstrated by our strategic partnerships with both state and non-governmental organizations as well as other client engagement initiatives.
As we look forward, we realize that the road to financial inclusion is a workout rather than an easy one. No Jamaican will be left behind on the path to financial ability, which is a cornerstone for sustainable economic growth and cultural well-being, according to the FSC.
Director: David Geddes
Participation of Stakeholders
Messages and International Relations
Commission for Financial Services
[email protected]