TIME FOR A NATIONAL FINANCIAL LITERACY PROGRAM

May 31, 2017 Letters

Dear Editor,
I note that the Bank of Guyana has commenced a weekly spread in your Sunday edition promoting financial literacy. While I commend the central bank for raising awareness on financial literacy and for commencing a process to develop a national strategy for financial literacy, I believe that the central bank authorities should put resources into promoting financial literacy at the grass roots and community levels.
With Guyana soon to become an oil producer and assuming that Guyanese will have more disposable income resulting from the influx of oil revenue and associated opportunities, a National Financial Literacy Program (NFLP) is essential in helping our citizens, especially those at the community level to sustainably manage their personal financial resources.
A National Financial Literacy program should be a long-term outreach commitment of the Central Bank with the primary function of spreading financial management and financial awareness to its core target audience; the general public. The outreach and its messages of the National Financial Literacy Program should be transmitted in several ways, ranging from group and community presentations catering to different categories of citizens ranging from young children to senior citizens, single parent mothers, vendors, students, farmers etc and other forms of public education.
A National Financial Literacy Program will help to teach our citizens how to better manage their financial resources and gives them the tools, to make solid financial decisions and to promote “Grassroots and community financial stability through financial education”. This is an opportunity to place growing priority on unlocking the economic and social potential of the “unbanked”, expand financial inclusion and revive our village economies. As citizens, we cannot afford to squander the financial gains derived from the influx of oil revenues at the peril of the nation’s future generations and financial health.
Kevin Bonnett

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