St Kitts to implement Financial Education & Saving Programme, PM Drew announces

Basseterre, St Kitts and Nevis: The Prime Minister, Terrance Drew, announced the implementation of the Financial Education and Savings Programme to empower financial literacy and the well-being of youth and the nation as a whole.

This initiative is a collaboration with the Eastern Caribbean Central Bank (ECCB), St Kitts-Nevis-Anguilla National Bank, Bankers Association, and St Kitts and Nevis National Co-operative League Limited, among other legal experts.

It is worth noting that PM Drew ensured that children aged 5 and 18 years old equip themselves with skills to handle the financial world, and they will also receive a savings account with an initial deposit of EC$1,000.

Under this amount, EC$500 will be invested in shares of government majority-owned companies such as the St Kitts-Nevis Anguilla National Bank.

“The first meeting of the Financial Education and Savings Task Force was held, and we are well on the way to full implementation. All of our children between the ages of 5 and 18 will receive a savings account with an initial deposit of EC$1,000. Of this amount, EC$500 will be invested in shares of government majority-owned companies such as the St Kitts-Nevis Anguilla National Bank. This is aimed at empowering our youths and the nation as a whole”, stated PM Drew.

Moreover, this program will initiate comprehensive financial education topics for the youth, such as savings, budgeting, entrepreneurship, investing and understanding financial markets.

The inaugural meeting of this program was held on December 6, 2023. In particular, Cabinet Secretary Dr Marcus L Natta together with the Task Force are making significant efforts to develop innovative financial education and savings programs.

Dr Natta emphasized the government’s dedication to the financial prosperity of the Federation’s youth.

“Here in St Kitts and Nevis, we want our young people to feel confident and informed about money matters. Whatever it’s saving up for something special, investing wisely, or just understanding the basics of finances, we’re on a mission to help our youth become smart with their money”, added Cabinet Secretary Natta.

Objectives of the Financial Education & Saving Programme

The aim of the Financial Education and Savings Task Force is to build a secure financial future for people and their families, as everyone deserves the opportunity to learn and thrive, including a creation pathway to generational wealth.

The Government of St Kitts and Nevis announced a comprehensive set of financial incentives, including the creation of the Financial Education and Savings Programme, during the 2024 Budget address on December 13, 2023.

According to Dr Natta, the government of SKN is consistently committed to the financial advancement and empowerment of the nation’s young people.