NIA CHARLESTOWN NEVIS (April 08, 2022) – – The Premier’s Ministry in the Nevis Island Administration (NIA) today (April 08) hosted a workshop to assist young persons better manage their finances.
Ms. Latoya Jones, Special Advisor in the Premier’s Ministry, organized the event. During the opening ceremony, she explained that the one-day workshop seeks to educate young persons 18 to 35 years of how to achieve financial success through proper management and diversification of resources.
“The workshop will also highlight practical solutions to address financial issues being faced by our youth and will cover the importance of financial prudence, budgeting, savings, investment and wealth generation- all of which are interconnected and are vital to improving one’s financial health.
“To improve our financial health we must fast plan. I implore you to not only plan for today but plan for the future. Be mindful of the decisions that you make now. Some decisions may result in many setbacks and losses which may be extremely difficult to overcome. I, therefore, encourage you to live within your means; limit your spending; and invest in yourself and your future.”
Mr. Wakely Daniel, Permanent Secretary in the Premier’s Ministry delivered remarks on behalf of Premier Hon. Mark Brantley. He too spoke to the importance of prioritizing saving and living within one’s means, stating that people could easily get caught up with ‘keeping up with the Joneses. He encouraged the over 30 participants from the public and private sectors to learn as much as they could from the workshop in order to better manage their finances from an early age.
Mr. Colin Dore, Permanent Secretary in the Ministry of Finance, also spoke at the ceremony and highlighted the timeliness of the event in the face of the increasing cost of living and the trappings of e-commerce, namely access to credit cards and online shopping.
“I’m happy to give my support to this workshop because it is very timely, at a time when there are tremendous challenges faced by the general populace. I notice that the target group today is drawn from persons just starting work and that is the point where the discipline of saving and wealth management is important.
“Nowadays the number of things competing for your salary is not as we had in our day. There’s always the tendency to spend it because there are a number of exciting things out there for you to spend it on. Each month the spending power is getting less and less because the cost of items are getting more and more, but of course you still have to consume the items. So it basically draws on all your management skills to be able to get through from month to month, and that’s why coming out of this workshop I’m sure you’ll be better prepared to deal with some of these challenges,” he said.
The workshop, held at the Malcolm Guishard Recreational Park, was facilitated by Mr. Calvin Duggins, Investment Officer at the Eastern Caribbean Central Bank (ECCB). He spoke to investments and related risks, as well the various instruments of savings and understanding how to tailor ones money management approach to suit individual personal finances.