UNDERSCORING the vital role that financial literacy plays in building stronger communities, president and CEO of the VM Group Courtney Campbell recently called on community and religious groups to do more in creating opportunities that will foster this type of awareness among those they serve.

This, he said, should be done in an effort to dismantle inequality and empower people.

Addressing the Bryce United Community Leaders Banquet & Awards Ceremony, Campbell encouraged leaders to find ways to nurture financial literacy by doing things such as engaging experts to address congregants or community groups, sponsoring needy children, helping families prepare for tertiary education, and offering tutoring support for children after school and on weekends.

“The Church as a body, and individuals within the Church, must become a more consistently effective voice for the championing of financial literacy and for the upliftment of the poor in Jamaica. Financial literacy is the power to make thoughtful decisions for your financial well-being and for the benefit of your loved ones [by being aware of] core concepts such as how to budget, spend, save, borrow, and how to invest and accumulate wealth,” he told outstanding community leaders who were honoured at the banquet for their contributions to education, agriculture, business, health and security.

He further urged the leaders to consider opportunities whilst ensuring that their household helpers, gardeners and other service employees are registered under the National Insurance Scheme (NIS) and are making the required contributions, as well as guiding families who have lived on unregistered properties on how to secure registered Certificates of Title for their properties.

“Financial literacy empowers communities. It means more empowered business people, which means better-run businesses and employees who are able to thrive and empower their own families and communities. Financial literacy means more students being able to achieve tertiary level education and fulfil their boldest ambitions, perhaps even breaking cycles of generational poverty that have plagued their families,” he said.

“Financial literacy means more young people owning their homes early to start living their dreams while young, defying the shackling belief that financial well-being is only to be attained later in life. Financial literacy means more people being able to retire comfortably and to fully live their golden years without the threat of poverty looming constantly. Financial literacy means less stress in our lives and happier individuals and families,” he added.

Outlining a number of strategies used by his organisation to foster financial literacy such as monthly newsletters; podcasts and advertorials; forums and quarterly investors’ briefing, Campbell believes that all available channels should be engaged to disseminate relevant information to people.

“Instilling financial literacy should start early. Each of us has the responsibility to strengthen the weak — including helping those who don’t know — to have the right information for their financial well-being,” he said.