Money Matters BVI (MMBVI), the financial literacy and financial education programme of the BVI Financial Services Commission (the Commission), has again sought to engage the adolescent segment of the VI population through literary analysis, with the assistance of the Rotary Club of Tortola.
This is the second year that the two (2) have partnered to present the Adolescent Financial Literacy Perspectives Forum (the Forum).
While the work of MMBVI is far-reaching since it engages audiences from kindergarten to retirement age regularly, the concern persists that without sufficient engagement and buying into the process of financial education, young people can become susceptible to falling into poor financial habits. These habits may include participating in informal lending and investment schemes, not taking advantage of public and work-related benefits, becoming prey to destructive credit card baiting pitches, and turning to illegal means of producing income.
Coordinator for financial literacy at the Commission – Rhonda Hodge-Smith, also noted that lack of sufficient financial education among young persons could have a potentially lasting effect; she also noted that the issue is exacerbated by the reality that without encouragement from programs such as those offered through MMBVI, many young residents will not independently seek to improve their financial knowledge.
Rotary Club of Tortola, seeking to carry out the Rotary International mandate to conduct community-focused work concentrating on seven key areas, has jumped at the opportunity to partner with MMBVI under the September and October 2021 Rotary International themes – Basic Education and Literacy, and Economic and Community Development, respectively.
Rotary Club of Tortola’s 2021-2022 President Ian S. Smith stated that “in deciding to continue the partnership with the Commission regarding the Forum, his Club considered the benefits for current and future economic development of participating students and their peers”.
Managing Director and Chief Executive Officer of the Commission – Mr Kenneth Baker, stated that in approving the project for the second year, it was considered that initiatives like the Forum fell squarely within the Commission’s mandate “to adopt such measures as may be necessary to appropriately inform the general public on [Commission] functions and matters relating to or affecting any financial services” as stipulated in the Financial Services Commission Act, 2001. He lauded the work of MMBVI, which launched in 2011, as critical, relevant, and effective, and also commended the Rotary Club of Tortola for the attractive prizes which are continued pledge to the Forum.
The 2022 Forum will focus on the timeless literary classic on the basics of money – The Richest Man in Babylon. During the Forum, participating students will be required to give a meaningful analysis of the principles in the book and convey how they and their peers can utilise the strategies to improve their chances of lifelong financial well-being and resiliency.
As with the 2021 MMBVI Forum (which highlighted the book – Rich Dad Poor Dad, the Rotary Club of Tortola has pledged $10,000 in cash prizes that will benefit participating students and their schools, participation is expected from all secondary schools in the Territory.
For more information on the Forum and the work of MONEY MATTERS BVI, persons may call 852-4777 or visit the MMBVI Facebook