The Central Bank of The Bahamas in collaboration with the Clearing Banks Association yesterday launched  the “Get Money Smart Bahamas” Campaign. 

The idea for this initiative stemmed from a recent survey which revealed that Bahamians do not  understand how to effectively manage their funds. 

The Campaign aims to promote financial literacy throughout the nation. 

Central Bank Governor John Rolle said,  “ The Central Bank believes that literacy is empowering,  a critical line of defense for consumer financial protection.”

He added, “we want the users of financial products and services to ask the right questions about the services that they receive, understand their legal right to be empowered to make responsible choices around savings and borrowing, and to be able to conduct their affairs safely and securely especially in the digital world.” 

President of Fidelity Bank and Trust Gregory Bethel spoke on behalf of the Clearing Bank Association. 

He advised Bahamians to make smarter choices regarding their personal finances.

He said, “we need to come to understand that we must stop borrowing money to buy pleasure and possessions to maintain our popularity, and only borrow money for useful purposes – to buy an asset that’s going to increase in value, to consolidate all of your debt and have to a lower monthly payment,  so that you are able to save or buy a small used car instead of that brand-new luxury car. We have to cut back on our spending and then we will have money available for saving and investing.” 

The campaign features a website  highlighting  monthly educational videos, blog posts, and tools that seek to enable persons  to make smarter choices with their funds.

CFAL Representative Nicholas Higgs explained more of the campaign’s aim. 

He said, “the goal of the program is pretty much three fold. The first being is to allow Bahamians to understand where they’re at currently in their finances. So, understanding ‘Are you heavily in debt?’, ‘Are your savings low?’, you may be retiring in ten years, ‘Do you have enough savings?’.” 

He said that the second step involves being able to understand the landscape that a person may be in. 

He added, “this is understanding the regulatory bodies, who do you go to for questions if you have questions about your bank fees, if you have questions about insurance, or if you think you’re being scammed—who do you call?” 

He explained that the third step involves options for the future regarding how an individual’s decisions now can result in a financially stable tomorrow. 

For more information on the campaign, the public is encouraged to visit the website at www.getmoneysmartbahamas.com or stay up-to-date with posts by following them on Facebook, Instagram, and Twitter.