The Financial Literacy Bureau was established on October 25, 2020 to address the need to improve the livelihoods of all of our people and to widen economic enfranchisement. Ultimately, its aim is to equip Barbadians with a sound ability to manage capital and savings.
Financial literacy is defined as the understanding of how money works and how this understanding can be used to make sound informed and effective financial decisions through life.
The purpose of establishing a Financial Literacy Bureau (FLB), therefore, is to facilitate Barbadians from all walks of life, businesses, household, individuals and schools from as early as the primary level, with the skills of sound financial management for today and the future. This is in anticipation that it would lead to the creation of a sustainable business environment and set the foundation for the creation of intergenerational wealth.
Further to this, the FLB will allow individuals and businesses to conduct and access relevant research into financial matters that affect them and help them engage in expert knowledge-sharing and mentorship in financial literacy.
As the FLB evolves, its added focus will be guided by the following.
- Building an investment culture in Barbados
- Building family wealth-creation
- Developing stronger financially sound businesses
- Building national cohesion around principles of good citizen economic behaviours This should include holding government accountable for its public expenditure
- Inculcating habits of Financial Literacy at an early age inclusive of through our schools
“Making sense of your dollars – safeguarding your future.”