BASSETERRE, St. Kitts, December 13, 2023 (SKNIS) – During the 2024 Budget Address on Wednesday, December 13, 2023, the Government of St. Kitts and Nevis announced a comprehensive suite of financial incentives that will redound to the benefit of the people. This included plans for the establishment of a Financial Education and Savings Programme.
The Financial Education and Savings Programme, a collaborative effort between the Eastern Caribbean Central Bank (ECCB) and various stakeholders, is a key part of the government’s dedicated focus on enhancing the financial literacy and well-being of the nation’s youth.
“In pursuit of this commitment, we present a ground-breaking initiative designed to revolutionize the financial landscape for our youth, one that will instil financial responsibility and investment knowledge in the youth of St. Kitts and Nevis,” said Prime Minister and Minister of Finance, the Honourable Dr. Terrance Drew.
He added, “Covering crucial topics like budgeting, saving, investing, entrepreneurship, and understanding financial markets, this programme will empower our youth with the knowledge needed to navigate the complexities of the financial world. Madam Speaker, the savings aspect of this initiative is equally revolutionary. Every young citizen aged 5 to 18, Madam Speaker, will be endowed with a savings account, initially funded with EC$1,000.”
Of note, EC$500 of that amount will be invested in shares of government majority-owned companies, including the St. Kitts-Nevis-Anguilla National Bank and The Cable (once divested).
The honourable prime minister stated that the savings accounts, which will benefit more than eight thousand (8,000) young people, are designed for long-term impact, and as such will be inaccessible for a specified period.
It was also noted that a dedicated task force is in the process of refining the finer details, with the goal of launching this transformative initiative during 2024.
“This initiative is not just about economic growth; it is about empowering the next generation to be architects of their own financial destiny and contributors to the sustained prosperity of our nation,” said Prime Minister Dr. Drew.