Youth parliamentarians are pushing for financial literacy and entrepreneurship to be integrated into the core curricula of the education system as a means of promoting wealth creation and laying the foundation for a more economically robust nation.

The youngsters put forward several arguments in support of this proposal as they debated the topic during the 14th sitting of the National Youth Parliament of Jamaica at Gordon House on Monday.

According to Rick Darby, who represented St Catherine South Western, financial literacy greatly benefits the youth and fosters the society’s overall economic well-being.

“Financially literate individuals are more likely to save money, invest in both real estate and themselves through higher education, training and business start-ups. This in turn creates a more stable economy as individuals are better able to contribute to the growth and development of our economy,” he argued.

“As youth parliamentarians, let us advocate that financial literacy is given first priority since we know it is essential to the development of our country. Our objective for the education system is to generate people who not only excel academically but also make significant contributions to the economic development of Jamaica,” he said.

Darby stressed that the youth, who hold the key to the nation’s future, must be equipped with the tools to thrive in an ever-changing economic landscape.

“Financial literacy is not a luxury; it is a necessity. It’s about empowering our youth with the knowledge and skills to navigate the complexities of personal financing investments and economic decision-making,” he said.

He suggested the implementation of incentivised child savings accounts with various financial institutions, incorporating small incentives of $500 for creating these accounts and higher interest rates for saving, targeting these accounts towards funding higher education.

Darby further suggested the utilisation of positive parental reinforcement to further encourage saving. He said this is achievable through parent partnerships which encourage parents to match whatever figure the child has saved.

Also arguing for the inclusion of financial education into the curriculum, Shanique Campbell said this would be a means of transforming the education system to cater to the holistic development of students.

Citing data from the World Bank which state that since 2019 Jamaica has only had a financial literacy rate of 33 per cent, Campbell further argued that this needs to be improved urgently.

“Young people need to have a full grasp of financial concepts which include budgeting, taxation and loans. To adequately prepare our young people for the financial demands of adulthood, the education system must cater to this need,” she said.

As such, she recommended that the issue be addressed from the grass-roots level by including a piggy bank and model shop project within early childhood institutions as part of the introduction to financial literacy.

“Parents will be required to purchase piggy banks as a part of the normal book list each year, and each early childhood to grade three class will have model grocery stores. This will engender an appreciation for saving as well as instil an understanding of commerce during the formative years and… what better way to do that than in a grocery setting? Coins from the piggy banks could be used by parents to purchase resource items for the students when needs be,” she said.

Campbell, who represented St Catherine Central, also mooted partnering with the private sector to implement a financial education ambassadors programme within secondary schools.

“Our friends at the Victoria Mutual (VM) Group have offered us an excellent blueprint with their financial education-to-empower programme. So we don’t have to reinvent the wheel. Students will participate in challenges and workshops with added incentives. They will also benefit from summer internships through participating in this programme, thus ensuring their overall professional development,” she said.

Another of Campbell’s colleagues, Kurdain Eccleston, who represented St Andrew Eastern, also stressed the need for a comprehensive financial education in the school system, and called for the paving of a future where financial literacy is not a privilege but a right of every child in Jamaica.

“Teaching our students about budgeting, saving, investing will empower them to take control of their own financial well-being. Additionally, a more financially literate population is better able to participate in the economic management of the country’s affairs; they are able to critique Government’s financial management; reject reckless fiscal policies provided by Government; and be more aware of the issues that limit government’s physical ability to respond to some issues,” he said.

He suggested that the education ministry collaborate with the Bank of Jamaica to develop a comprehensive financial literacy curriculum that aligns with the national standards curriculum framework.

“This curriculum should be age-appropriate and covers topics such as budgeting, saving, investing as well as the many forms of taxes that exist in our country,” he said.

For Shamar Bell, who represented St Andrew West Central, certain topics taught in principles of business and economics are outdated and need to be brought in line with current economic realities.

“I propose updating the curriculum to include practical knowledge of trading, buying stock and even cryptocurrencies. This way we align education with the demands of the modern economy and equip our youth to secure their financial future,” he said.

Bell further contended that, as an aspiring entrepreneur he believes that the Ministry of Education and Youth should mandate entrepreneurship courses in school.

“According to the Planning Institute of Jamaica, only 30 per cent of secondary schools in Jamaica offer any form of entrepreneurship education. Integrating these courses into our educational system will not only provide students with practical skills for financial success, [but] it will also foster a culture of innovation and self-reliance. This is a crucial step towards building a more economically resilient Jamaica,” he said.

Bell further suggested that the Ministry of Education mandate financial literacy classes in kindergarten, primary, and secondary schools providing students with practical financial experience such as trading online.