Global Money Week (GMW), is a financial awareness celebration, organised by the Organisation for Economic Co-operation and Development, International Network on Financial Education (OECD INFE), focused on developing financial literacy skills in children and young adults. Photo: BVIFSC

Money Matters BVI (MMBVI), the financial literacy and financial education programme at the BVI Financial Services Commission (BVIFSC), will lead the [British] Virgin Islands as it joins the rest of the world in marking Global Money Week 2022 from Monday, March 21 through 27, 2022. Photo: BVIFSC

Mrs Rhonda D. Hodge-Smith, Coordinator of Financial Literacy at the BVI Financial Services Commission, stated that the field trips will allow participating students to gain firsthand knowledge of product offerings, the working of the institutions, and an understanding as to how financial products fit into the individual armoury for wealth building and preservation. Photo: bvi.gov.vg

Managing Director and Chief Executive Officer of the BVI Financial Services Commission, Mr Kenneth B. Baker, in emphasising the importance of Global Money Week, stated that ‘there are a plethora of financial products available to the general public; however, one should understand the relevance of those products before subscribing to them. Photo: BVIFSC

Global Money Week (GMW), is a financial awareness celebration, organised by the Organisation for Economic Co-operation and Development, International Network on Financial Education (OECD INFE), focused on developing financial literacy skills in children and young adults.

Outreach activities planned

According to a press release from BVIFSC today, March 18, 2022, in celebration of GMW, MMBVI has planned several outreach activities including the launch of a billboard near Pasea Estate, social media promotions and the key featured activity; planned field trips for primary and secondary students to local financial services institutions.

“While March is a hectic month for BVI youth with GMW coming on the heels of other local activities like Education Week and sporting competitions, according to principals and financial executives, the field trips are crucial since they present the opportunity for youth to have coordinated experiential interaction with financial institutions,” the press release stated.

Field trips

Mrs Rhonda D. Hodge-Smith, Coordinator of Financial Literacy at the Commission, stated that “the field trips would serve as a virtual extension of the educational setting.

Students participating can gain firsthand knowledge of product offerings, the working of the institutions, and an understanding as to how financial products fit into the individual armoury for wealth building and preservation. Further, older students should obtain an introduction to the macroeconomic frameworks for the protection of market users.”

Institutions to be visited will fit into the broad categories of the regulator, government accounting, and providers of banking, insurance, and investment products.

‘Plethora of financial products available to public’- Kenneth B. Baker

Managing Director and Chief Executive Officer of the Commission, Mr Kenneth B. Baker, in emphasising the importance of GMW, stated that “there are a plethora of financial products available to the general public; however, one should understand the relevance of those products before subscribing to them. With its emphasis on childhood financial literacy, Global Money Week has presented an excellent opportunity for the Commission through its financial literacy programme – Money Matters BVI, to engage young and not so young audiences through initiatives that raise awareness regarding financial products. In the long run, the expectation is that we will see generational improvements in financial literacy via improved knowledge, understanding, and confidence in decision making toward personal economic goals.”

Mr Baker added that “a more financially literate and financial capable population is a win not just for the impacted individuals, but also for our entire economic and financial system.”

For more details on Global Money Week activities and the work of MONEY MATTERS BVI, persons may call 852-4777 or visit the MMBVI Facebook page @moneymattersbvi.