47 Vincentians now trained in savings and investment

In the midst of the current strained economic climate, 47 Vincentians are now better prepared to make sensible decisions on savings and investment.{{more}}

They recently graduated from the fifth Savings and Investment Course, jointly organised by the Eastern Caribbean Central Bank (ECCB), Eastern Caribbean Institute of Banking and Financial Services (ECIB&FS) and the University of the West Indies (UWI). The graduation ceremony took place at Frenches House on Saturday, August 29, 2009.

Speaking at the graduation ceremony, President of the ECIB&FS Errol Allen said that after a decade of “easy credit and escalating debt,” saving is coming back into fashion, spurred by the current economic crisis.

Allen said saving among young people had increased as they consider where and how to invest their money.

“At a time when rates of interest on savings along with the trust that people have in financial institutions are at an all time low, risk is high and there is no guarantee of return. Deciding where to put your cash is more difficult than ever,” he added.

Resident Representative of the ECCB Elritha Dick commended the graduates on their dedicated and steadfast approach to learning during the 13-week programme.

“I believe that the 13 weeks that you have invested in this programme is your first investment in your financial success,” Dick said.

Dick added that the prospect of investing may be most feared by persons at this time because of the current economic crisis, but urged the graduates to apply what they had learnt over the past weeks.

“[You have been taught] to assess risks, understand your own risk profile, determine the level of risk you are in a position to assume and how to manage your finances in order to avoid the pitfalls of going after instruments and products which could be detrimental to the security of your investment,” she reminded the graduates.

She said the ECCB hoped graduates would become entrepreneurs and further encouraged them to think about starting their own businesses.

The participants were taught the basics of budgeting, money management and investing. Participants were also made aware of the benefits of personal financial planning, the factors that influence financial decisions and how to design their own financial plan. They were also taught ways to protect their assets against financial risk and were introduced to different types of investment instruments.

293 persons have graduated from the Savings and Investment Course since its inception in 2007 in St. Vincent, with 1,300 graduating across the Organisation of Eastern Caribbean States (OECS).(OS)