Latest update December 4th, 2024 2:40 AM
Money–saving initiative for children launched
The local ‘Money Savvy Piggy Bank’ was successfully launched last week in the Ogle Room of Herdmanston Lodge.
Endorsing this initiative at the ceremony was Bank of Guyana’s Deputy Governor Dr. Terrence Smith, Chief Education Officer Mr. Marcel Hutson and Small Business Bureau CEO Mr Lowell Porter.
The founder of Fun Park Rentals, Mrs Athalyah Yisrael explained that she came up with the idea as a result of her own challenges as an entrepreneur managing finances and sought a solution.
It was then she found that as a child, financial education was not taught to her. She said that it was in her search for an answer that she came across ‘Money Savvy Piggy Bank’.
She is now on a mission to lead the revolution of equipping kids with the tools they need to create smart money habits to last them a lifetime. “We know the Money Savvy Piggy Bank can have a positive impact on every child’s future,” she said.
The Money Savvy Pig teaches children basic money skills. The piggy bank is divided into four chambers –save, spend, donate and invest which can help parents, caregivers and grandparents spur a conversation about money. Children are encouraged to first set goals for each chamber that they are saving for.
From left: Founder of Fun Park Rentals Mrs Athalyah Yisrael, Chief Education Officer Mr Marcel Hutson, Small Business Bureau CEO Mr Lowell Porter and Deputy Governor-Bank of Guyana Dr. Terrence Smith
The different compartments of the Piggy Bank
Mrs Yisrael noted that the money is divided in a simplified manner – for the children to split the money received according to the ‘70%/30% rule’. This means that the 70% is used to spend and the remaining 30% is divided equally 10% Save, 10% donate and 10% to invest.
The money savvy pig is available at Fun Park Rentals in six colours and is recommended for children ages 4 to 11. She reiterated that she strongly feels that the application of the knowledge will mould children into financially responsible adults.
Dr. Terrence Smith during the launch caused the audience to contemplate on their retirement goals.
“When you are old and sitting back in your rocking chair you can have glorious memories or be cast in despair when you can no longer work and have no source of income. This begins with the development of your habits of saving from a tender age.”
Dr. Smith went on to tell the audience that he welcomed the money savvy piggy bank initiative and encouraged parents to start educating their children about saving, spending, donating and investing to adequately prepare them to make financially sound decision as adults.
Some of the “money savvy pigs” on display
Chief Education Officer Marcel Hutson complimented the Fun Park Rentals team for leading the initiative as “it takes a village to raise the nation’s children”. He noted that this venture is complementing the programmes already in place in schools.
Hutson urged the team to also teach the nation’s children that in order to acquire immense wealth and be money savvy it will require hard work, discipline and building relationships.
For more information on the money savvy piggy bank, persons can contact Mrs Athalyah Yisrael on telephone number 623-4386.
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