Business

Scotiabank encourages financial wellness in Jamaica

BY DURRANT PATE
Observer Business Writer

Sunday, August 25, 2019

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Scotiabank encouraged financial wellness in Jamaica through its high-profile public seminar last week on planning for financial success.

Among the main points coming out of the seminar, held at Jamaica Pegasus hotel last Thursday, was that most Jamaicans are either uninsured or underinsured, and that most persons are more concerned about getting rich rather than to cease doing the things that make them poor.

The seminar, which was part of activities commemorating Scotiabank's 130th anniversary, sought to encourage Jamaicans to plan for their financial well-being and invest early to reap greater rewards.

Scotia's vice-president for sales and service for insurance, wealth management and investments, Debra Lopez-Spence, in highlighting the fact that most Jamaicans are either uninsured or underinsured, described this as a very precarious position for any individual.

“People insure their cars, house, contents but are reluctant to insure their lives,” Lopez-Spence declared.

She underscored the importance of insurance, particularly for those entering retirement age as well as those left behind by deceased loved ones.

Speaking under the theme, 'Building Blocks for Financial Planning', Lopez-Spence went through the process of emergency planning, insurance planning, and investment planning.

She identified the keys to investing as, “investing early, invest regularly, stay invested, and diversify by investing in more than one asset classes to smooth out financial bumps”. International action coach, Marcia Won Choy, who also spoke at the seminar on the topic 'Developing a Winning Mindset', emphasised changing one's lifestyle to guarantee success in life.

“It's not about getting rich but stop doing the things that make your poor,” Woon Choy offered, pointing out that “a goal is a dream with a deadline so believe it is possible…and don't allow fear to overcome your financial independence.” She posited that once fear is present “there will be chaos and paralysis, but when you have faith, there is clarity, achievement and power”.

Turning to investment, the international action coach underlined that this takes time, therefore it is imperative to start now and be disciplined in investing, savings, budgeting, and spending.

She encouraged Jamaicans to start executing their financial wellness plan now with the right partners, tools, and resources to assist them in attaining financial independence, such as a net worth calculator.

Scotia bank vice-president for retail banking, Audrey Tugwell-Henry encouraged individuals in attendance to be consistent in their savings and prioritise their finances, carefully manage their debts, and earn while they spend.

In devising a financial wellness plan, she advised that individuals consult a financial advisor as well as secure their assets and financial records.

Also, present at the seminar was president and chief Executive Officer at Scotia, David Noel.


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