School children to be taught financial literacy skills

Last Updated on Monday, 1 April 2019, 19:23 by Writer

More than 2,000 primary and secondary school students will be groomed in how to make smart financial decisions in observance of Teach a Child to Save Day on April 12, organisers said.

The initiative will be held by Outliers Zone, a financial wellness non-governmental organisation, with support from the Guyana Bank for Trade and Industry (GBTI) under the theme “Teaching children to earn and invest their monies to grow it from young”.

The workshop, which will be held at the National Gymnasium, Mandela Avenue, Georgetown, is aimed at sharing knowledge with 1,000 primary and 1,000 secondary school students on how to make smart financial decisions from a young age by covering a range of topics such as a saving, tithing and investing money.

Chief Executive Officer of Outliers Zone, Athalyah Yisrael says she plans to target at least 11,000 students in Guyana’s 10 administrative regions as part of efforts to avoid them becoming “paycheque-to-paycheque” adults. Yisrael said since the launch of her organisation in 2017, almost 1,000 employees were aided to break the paycheque-to-paycheque cycle.

“I do believe that by embarking on this mission, I’ll be able to create a legacy of wealth. You, in doing that for your children and ensuring that in their prime years that they learn how to grow their finances can definitely impact their adult life and the impact they are able to achieve in the world,” she said.

Financial Literacy Month and National Teach Children to Save Day are observed in the United States in April.

Yisrael said the secondary school students, regarded as the most vulnerable category, would be taught concepts such as assets, liabilities and earning strategies instead of waiting on jobs. “We are stepping away from the idea of having a career… When we are able to teach our children to find something that you’re passionate about that you would like to change in society and you can earn money from doing that. That is what exactly our children need in order to make an impact on society,” the Outliers Zone CEO said.

GBTI’s Manager of New Accounts, Frances Sahadeo endorsed the Outliers Zone’s initiative, saying the younger generation needs to be “money smart” and find the right financial balance to spend and save. “The earlier we start developing prudent financial practices, the earlier we will begin to achieve more,” she said.

The bank official boasted of a range of GBTI financial products for youths, adults and pensioners.

Sahadeo urged parents to get piggy banks for their children in order that they may grow to make sound financial decisions and develop financial responsibilities.