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Youth Empowerment Financial Services Commission – Jamaica Information Service

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All over the world, companies are developing products and services for young people who remember their teenage years and specially created gadgets, food, movies and merchandise for their age group.

As with any fashion, it takes money to acquire these products and services, and young people of all ages need guidance in navigating their financial habits.

The Financial Services Commission (FSC) views financial literacy as an essential skill to participate in an increasingly complex and sophisticated world.

This principle led to the creation of the FSC Schools Financial Education Program (SFEP), a youth-focused activity program developed in partnership with Junior Achievement Jamaica.

It takes place annually between January and March and teaches children and young adults how to take charge of their own financial futures and make smart plans, based on sound financial choices.

Speaking at the FSC Financial Forum recently, the entity’s communications officer, David Answer, explained how, as a regulator, the FSC views its role in empowering young people.

“Promoting financial inclusion through financial literacy gives young people the knowledge and skills to make sound financial decisions. It also builds the confidence and capacity of the financial sector, ”noted Answer.

Communications Officer at the Financial Services Commission, David Answer.

With this in mind, youth-focused initiatives such as the annual National Investor Education Week Youth Forum and specialist presentations have helped shape a broad strategy for financial literacy and inclusion.

This approach has enabled FSC to touch the lives of high school students, adults from various communities on the island, disabled and disadvantaged women.

The FSC says that the SFEP serves as a vehicle to address some of the challenges facing the Jamaican financial sector today, such as heavy reliance on liquidity, financial vulnerability, inadequate funding and a general mistrust and lack of confidence in the financial system.

“To meet these challenges, SFEP offers students the opportunity to develop a set of very critical skills that are integral to their personal and professional development. The SFEP not only meets the needs of their financial development, but also calls for the development of their general skills, their critical thinking and their public speaking skills. Mr. Answer tells JIS News.

Logo of the Financial Services Commission (SFEP) Schools Financial Education Program.

Since its inception in 2011, SFEP has seen many successes as students who participate in the program have become thought leaders among their peers in conversations about personal finance and ambassadors for financial literacy and inclusion. .

“This not only fosters the need for financial literacy, but also awareness of the important financial institutions that govern the financial industry,” notes Answer.

He says the program has helped youth development by creating student ambassadors promoting healthy financial decision-making and leaders among their peers by equipping them with the knowledge needed to establish a solid financial foundation early in their formative years.

“SFEP has done this for over 6,000 students during our decade of implementing this initiative,” said Mr. Answer. JIS News.

The FSC credits its partners for the success of the activities carried out within the framework of the SFEP, of which the principal ones are the school administrators.

“We have had many successes with SFEP, and this is in large part due to the many teachers who have partnered with us and Junior Achievement. We say thank you to our educators, nurses, police officers and women who have always invited us to their annual conventions, giving us a platform to recruit more financial literacy ambassadors and an audience eager to learn more about the financial inclusion and literacy, then they too can share knowledge, ”says Answer.

In the meantime, the collaboration of FSC is not only at the junior level, but it also sees the partnership with other institutions as a vehicle to promote greater financial inclusion.

FSC’s collaboration with stakeholders in promoting financial literacy and inclusion is characterized by consumer-focused initiatives implemented across the island.

There has been significant collaboration with local, regional and international bodies such as the Ministry of Finance and Civil Service (MoFPS), Bank of Jamaica (BOJ), Jamaica Stock Exchange (JSE), Commission of Consumer Affairs (CAC), Junior Achievement Jamaica. (JAJ), Jamaica Deposit Insurance Corporation, Bureau of Gender Affairs and International Forum on Investor Education (IFIE).

The Financial Services Commission has partnered with these organizations on a number of initiatives, such as Global Investor Week and National Investor Education Week, where members of the FSC team have represented the Commission in introducing its stakeholders to topics such as financial literacy, personal finance and FSC. as a regulator of the financial industry not accepting deposits.

FSC’s committed interest in promoting financial literacy and inclusion led the Commission to develop a multi-pronged approach to increase its reach to all members of its stakeholder group.

“The future is bright for our country and its people, and we believe that a future regulator who will facilitate development through regulation has a critical role to play in furthering this success. The future offers us the opportunity to do more and do better, so that we can better serve our stakeholders, ”says Mr. Answer.

“Being a better regulator means embracing the future and all that comes with it and doing all we can to protect our stakeholders,” said Mr. Answer. JIS News.


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