More than 1,500 Jamaican children will now have access to their first savings account, with opening balances of up to $3,000, after Sagicor Bank Jamaica engaged their parents during Child Month and incentivised them to introduce the habit of saving to their offspring from an early age.

During the month of May, through its ongoing Star Savers initiative, Sagicor Bank feted more than 1,000 students at Glendevon Primary and Infant School in Montego Bay, St James, at a fun day, while their parents were invited to the school to open savings accounts for them on spot. Each student received a gift certificate valued at $1,000 to open their new Star Savers accounts.

The bank also treated 450 new mothers at Victoria Jubilee Hospital in Kingston and Mandeville Regional Hospital in Manchester to gift certificates valued at $3,000 each. Additionally, the mothers received diaper bags from the financial institution.

Students from Sagicor Foundation-adopted schools also benefited from gift certificates from Sagicor Bank.

Damion Hylton, senior vice-president – retail and payments, Sagicor Bank, noted that Sagicor continues to prioritise financial literacy and good money management habits in children to help them secure their financial futures.

“Child Month is important to us at Sagicor Bank because it is a time when greater attention is placed on the welfare of our children, and there is no better time to engage parents and caregivers about starting the healthy habit of saving in children,” a company release quoted Hylton.

Norman Brown, chairman of Glendevon Primary and Infant School board, saluted the bank for the initiative while underscoring the importance of access to financial services in children’s educational development.

“We are very thankful to Sagicor for coming to our school and interacting with the students and their parents,” the release reports him as saying. “Many of us as parents and guardians traditionally shy away from banking, and are not familiar with accessing capital or investing, but we recognise that is the way forward for the next generation.”

Dr Garth McDonald, senior medical officer at Victoria Jubilee Hospital, hailed Sagicor Bank for giving Jamaicans a head start by accessing financial services from birth.

“This is the birthplace of our nation, and if we are planning to have a productive nation, then we must start with our children, and make saving a part of our culture,” he said. “We have about 7,000 deliveries annually, and I applaud Sagicor for being the first institution to come and partner with us by coming and interfacing with the mothers, and allowing them to understand the importance of saving, and starting early, so when it’s time to invest heavily in their children’s education, they have the resources.”

Hylton noted that Sagicor Bank will expand the Star Savers financial literacy and money management initiative to reach more schools and hospitals throughout the year.