Gov’t Looking to Sharpen Financial Literacy Skills of Citizens

The Ministry of Industry, Commerce, Agriculture and Fisheries is looking to partner with the Jamaica Micro Financing Association Limited (JaMFA) to sharpen the financial literacy skills of Jamaicans.

State Minister in the Ministry, Hon. Floyd Green, said the objective is to ensure that citizens have a better understanding of and appreciation for key terms such as stock market, investments, loans/credit and credit reports as well as interest rates and how these are calculated.

Mr. Green, who was addressing the JaMFA’s seventh annual microfinance sector leadership forum at The Jamaica Pegasus hotel in New Kingston on May 28, said that the organisation, which is celebrating its 10th anniversary this year, is ideally suited to embark on this engagement, in light of the focus of its members’ activities in the area of microfinancing.

He suggested that consideration be given to hosting a series of public meetings targeting citizens with an interest in this area, particularly young people who, for varying reasons, have not mastered money-management skills.

Mr. Green noted that the youth, to a great extent, “are the ones who are looking for credit right now… [but] they are not equipped with those skills”.

“I think that would be a wonderful initiative for this, your 10th year… [and] it would be great if we could partner and embark on this programme. Part of what I think we have to do a better job of is ensuring that, from as early as possible, more of our citizens are equipped with financial literacy skills,” he added.

The State Minister emphasised that the Government is “very serious about our concept of the socialisation of wealth” and ensuring that “everybody can participate in the economic growth and the collective drive towards prosperity”.

“The only way people will be able to truly participate, is if they appreciate and understand how they can… and the microfinance sector is well placed to lead that drive,’ Mr. Green added.