Students urged to embrace financial readiness for a changing Jamaica

WESTERN BUREAU:

Delano Seiveright, state minister in the Ministry of Industry, Investment and Commerce, has called on Jamaican students to embrace financial readiness as a fundamental life skill, stressing that it is essential for independence, opportunity, and resilience in the rapidly evolving economic landscape.

Speaking at the Banking & Beyond: Account Opening & Financial Readiness Seminar at Church Teachers’ College, Mandeville, recently, Seiveright highlighted the critical importance of understanding banking, money management, and financial systems from a young age.

“Financial readiness is not a luxury, it is not something to think about when you turn 35,” he said. “It is a basic life skill, one of the clearest dividing lines between those who merely get by and those who build options, stability, and independence.”

Seiveright pointed to the Bank of Jamaica’s 2023 National Financial Inclusion Survey, which revealed that 22.8 percent of adults remain unbanked, while nearly half of in-school youths still struggle with concepts such as compound interest.

“There is interest and curiosity among young people, but gaps in knowledge remain. Understanding money early is critical to long-term stability,” he said.

He also contextualised financial readiness within Jamaica’s post-Hurricane Melissa recovery, citing rapid restoration efforts and a US$6.7 billion development financing package secured for the country.

“A recovering country rewards the prepared. A rebuilding country creates openings for the disciplined. The world is shifting, and adaptability will matter just as much as resilience,” he noted.

Highlighting opportunities from the Prime Minister’s Budget Debate, Seiveright spoke about the National Reconstruction and Resilience Authority (NaRRA), the FAST Jamaica investment framework, and government efforts to make public procurement more accessible to small businesses.

“Financial readiness positions you to plug into these value chains. Can you register properly? Can you invoice properly? Can you maintain a business account? These are not abstract questions. They determine whether opportunity passes you by or lands in your hand,” he said.

Addressing the rise of artificial intelligence, Seiveright emphasised the need for diversified income streams.

“AI is here. It affects everybody, not just tech professionals. Independence grows when your income sources are diversified, your money habits disciplined, and your skills adaptable,” he said.

“Financial readiness is not only about money in your hand. It is about stability in your life, options in your future, and independence in a world changing rapidly,” Seiveright said, offering practical advice to students and urging them to open a formal bank account, track their money carefully, start small, if necessary, understand debt and interest, and cultivate habits that promote financial discipline.

albert.ferguson@gleanerjm.com