Students gets money management lessons

May 04, 2016
Contribuited Carlene Coley, Senior Marketing Officer at FHC, gives her full attention to Ethan Eubanks (left) and Julio Gonzalez as they performed a magic trick - to make the FHC piggy bank disappear and reappear. The students were two of 12 who participated in the credit union's Kids Money Management - Round Table Talk.

Twelve students from the St Theresa Preparatory School participated in Kids Money Management - Round Table Talk, a one-day money-management workshop. The workshop was held last Friday by FHC to commemorate the Jamaica Co-operative Credit Union League's Financial Literacy Month.

Tailored for children from grades three to six, the interactive workshop included segments such as: Six Steps to Financial Planning; explained the basic concept of depreciation and the need to avoid 'money losers' such as expensive cars as opposed to investing in instruments to grow your money; and the need to set short- and long-term investment goals.

"I've learnt to start saving from a young age," said grade five student Camille Headman. "And aside from my parents saving, I can save too."

Other students were proud to relate instances where they saved towards a goal and achieved it. "I was going to purchase an entry to gymnastics but instead I purchased a playhouse for me and my puppy," said grade four student Noelani Wilson, referring to when she saved her largest sum of money.

 

EDUCATION

 

While most of the students acknowledged the need to save, they also explained that the workshop added a different dimension to their education.

Jaimie-Leigh Warren, 11, is reassessing buying an extravagant car as one of his primary goals. "I have a dream to buy a dream car - but I understand now that it may not be such a good idea," he said. "I've learnt to spend more wisely."

The students also participated in a Money Management Quiz Bee to test their knowledge of the day's topics but not before - Real Talk with the CEO - where the young minds quizzed FHC's Chief Executive Officer Basil Naar. Each student asked one question. The questions included, Where does money come from? And how is money made?

However, his parting comments reinforced the need to be conscientious about saving. "It's good to save. First you must save for the simple reason that you may need the money one day," he said.

The JCCUL's Financial Literacy Month is uniquely celebrated by each credit union.

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