MONEY MATTERS BVI (MMBVI), the financial literacy and financial education program at the BVI Financial Services Commission (the Commission), will lead the British Virgin Islands as it joins the rest of the world in marking Global Money Week 2022 from Monday 21st March through 27th March. 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.
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. Mrs. Rhonda 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.
Managing Director and Chief Executive Officer of the Commission, Mr. Kenneth 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 program –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.”
The work of MMBVI is far-reaching since, through a myriad of initiatives, it engages audiences from kindergarten to retirement age regularly, with the objective of raising awareness surrounding topics including personal financial management, financial rights and responsibilities, saving, banking, investing, debt and wealth management, and estate planning, all toward improved financial knowledge and capability.
The BVI Financial Services Commission is the autonomous regulatory agency responsible for the regulation and supervision of financial services conducted in and from within the territory.