Director General of the OECS, Dr. Didacus Jules has emphasized the critical need for the people of the OECS to be financially literate.
He made the remarks as the OECS Commission launched the results of a Financial Literacy and Financial Inclusion (FLFI) survey.
The survey came out of a World Bank funded Caribbean Digital Transformation Project (CARDTP).
Dr. Jules explained that high levels of financial illiteracy leaves room for lending agencies and “purported” non-financial entities to exploit citizens and influence extreme rates of personal debt.
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He said, “Financial literacy isn’t just about understanding money, it is about empowering ourselves to make informed decisions. It is the knowledge and skills to manage personal finances, understanding savings, investing, borrowing and much more.
When a significant number of individuals lack these skills, our entire region can suffer from high debt levels, low savings, and missed economic opportunities.”
He encouraged all citizens to advocate for financial education and to demand this in schools and support community programs, and that everyone should continuously seek personal education.
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Dr. Jules was at the time speaking in the context of the Caribbean Digital Transformation Project [CARDTP]. CARDTP is focused on building five key foundations of the digital economy – infrastructure, platforms, skills, financial services, and entrepreneurship with an objective to increase access to digital services, technologies and skills by governments, businesses, and individuals.
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