Media Release: Parents Must Step Up
PARENTS IN THE CARIBBEAN must begin to teach their children to manage money from an earlier age to increase their chances of becoming financially responsible adults, advises a Caribbean economist.
Therese Turner-Jones, Programme Coordinator of the Caribbean Regional Technical Assistance Centre (CARTAC) made the comments today at the prize giving ceremony for the winners of CARTAC’s inaugural Schools’ Essay competition at the Grande Salle of the Central Bank.
“Parents across the region seem intent on teaching their children about the importance of making money by getting a job or an education. They must also create a balance by teaching their children how to spend wisely, save and invest, and how to delay gratification. They must step up to the plate now and lead by example,” Turner-Jones advised.
The CARTAC Programme Coordinator added, “The sooner children start to learn about money, the better. Not only because they will be better prepared when they reach adulthood, but because the younger they are, the more receptive they tend to be.” For example, the economist noted, parents can tell their children how important it is to handle their money carefully, like their allowance or cash they receive as Christmas or birthday gifts. Parents and guardians should also encourage activities like making a budget.
The winners of CARTAC’s essay competition were announced and received their prizes today:
- First prize in the 9 – 11 age category: Anika FordeWest Terrace Primary
- First prize in the 12 – 14 age category: Blake Ashby, Queen’s College
- First prize in the 15 – 18 category: Shai Edwards, The Lodge School
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Runners-up included:
- 9 – 11 age category - ZeraYaicob Yaicob, The Rock Christian; and Tayerhanna Alexander, West Terrace Primary
- 12 – 14 age category - Rachael Worrell, the Lodge School; and Raphael Marshall, Queen’s College
Some 50 entries were received with West Terrace Primary School garnering the prize for Greatest Participation, a website sponsored and designed by Creative Cycle.
Other prizes included cash vouchers compliments Barbados National Bank Inc.; laptops and computer accessories sponsored by CARTAC and D.E. Computers; and book vouchers from PAGES Bookstore.
Turner-Jones said that CARTAC was impressed with the level of entries. “The essays indicated, with creativity and insight, that our children are showing greater interest in managing money and that they understand the reason for doing so. Children have a great ability to positively influence not only their peers but adults and this competition has presented an opportunity for just that – parents, teachers and children to spend time together learning about managing money in such a way that greater responsibility is assumed by all parties. We are confident that a foundation has been laid and strengthened for continued learning and teaching on personal financial management.”
The essay competition was designed to promote greater awareness of the importance of financial management among students and their parents and guardians. The topic was: “You receive cash as a birthday gift from your favourite uncle or aunt. But you must use it wisely! Write an essay describing what you’d do with your money and why.”
The essay competition was part of a CARTAC’s Financial Literacy Public Education Programme under the brand “Financially Fit”. The education programme includes an easy-to-use website – http://www.financialliteracycaribbean.com – which has a section especially for children on finances. The programme also includes articles in Liat’s in-flight magazine, ZiNG. For more information visit the website as well as http://www.facebook.com/financialliteracyforthecaribbean.
