With the month of October designated on the Eastern Caribbean Central Bank’s calendar as Financial Information Month, on Thursday, October 15th, the local ECCB agency embarked upon a financially prudent initiative that would benefit the primary schools of Anguilla. This programme is tailored, particularly, for Grade Six students of the six public primary schools.
According to ECCB’s Country Manager, Mrs. Sharmaine Lynch-Harrigan, the initiative is a two-pronged approach to children’s money management skills, namely Savings and Budgeting. Mrs. Lynch-Harrigan explained: “The Eastern Caribbean Central Bank, in partnership with the Anguilla Social Security Board, met with Education Officer, Mrs. Susan Smith, and Principals of the six primary schools, to introduce ECCB’s Savings and Budgeting Challenge.
“The savings aspect of this challenge will prove the children’s ability to demonstrate good savings practices. Each Sixth Grade class will be provided with a piggy bank containing EC$100 as start-up amount for their savings. They should be motivated and responsible for adding to this amount, as savings deposits, that would go towards their graduation which will be held at the end of the 2020/2021 school year.
“The budgeting aspect of the initiative will comprise the children’s ability to draw up budgets that would dictate how they would spend that sum of EC$100. The goal here is to teach them how to stretch their dollar as far as possible — in accordance with their needs and priorities — and to present the most efficient budget at the end of the month.”
Within the same vein, Mrs. Lynch-Harrigan mentioned that Social Security will be contributing a specific sum of money earmarked towards the 2021 graduation expenses of the Grade Six classes.
She explained that normally during Financial Information Month, she and her ECCB team would go directly to the schools and do a Financial Literacy presentation every year. However, due to COVID-19 restrictions, and social distancing protocols, her agency elected to meet with the Principals, exclusively, to launch this initiative which would be of benefit to the students. “Besides, this is a fun and practical way for children to learn valuable money management skills,” she observed.
– Staff Reporter, James R. Harrigan
