April is Financial Literacy Month at credit unions
STARTING APRIL 1 and ending April 30, the credit unions of Jamaica will again celebrate a month of activities focusing on financial literacy. Through this activity, credit union members in Jamaica will be joining other financial co-operatives in North America in observance of this annual activity to teach individuals to establish and maintain healthy financial habits.
The theme of this year’s activities continues to be ‘Empowering Members Through Financial Literacy’.
This year, credit unions are making a special call to members to check and update their membership forms. Over time, as members’ status change through divorce, death, as in the case of a beneficiary passing on, members should update their records so that the new/right beneficiaries can benefit from the members’ life savings and any attached savings insurance when the time comes.
FINANCIAL SHAPE
Members should also remember to name trustees for children under the age of 18, and to remove trustees as the children get older and are able to manage their own financial affairs.
During the month, all credit unions will have select days in which they will look at their members’ financial shape. On these days, both the members and their credit unions will look at the members’ financial capability and give recommendations for savings and loans or other their financial plans.
On April 29, credit union members or members of the public can call or text in questions on everything that they need to
know about the products being offered by credit unions. These include financial services, life and general insurance, mobile wallet, and debit card services.
Another special day, Financial Education Day, offers credit unions another opportunity to work with high
school students in a one-day, team-teaching effort. This is a continuation of the programme started last year to teach the elements of financial literacy to grades nine and 10 students. A reality fair is being organised for 150 of these students who will get a chance
to actually practise what they have learned.
The young ones will not be left out of the Financial Literacy Month as storytelling will be the vehicle used to teach them about financial literacy.
Financial Literacy Month is organised
by the Jamaica Co-operative Credit Union League as a continuation of the co-operative principle of continuous education of members. There are 29 credit unions in Jamaica, with approximately one million members.