The Credit Union has launched a National Secondary Schools Financial Literacy Quiz to attract students throughout the nation.
The quiz was recently launched in the presence of some of the schools that will be partaking in the exercise.
The objective of the quiz is to expose the students to best practices in budgeting, savings, investment and other aspects of financial management.
The GUT Cooperative Credit Union believes that this can go a long way in equipping students to better understand financial matters and make wise financial choices.
In her address at the launch, President of the Credit Union, Kim Parris said that in recent years, the body has recognised that education and financial literacy should be developed hand in hand.
“The background of this momentous event stems from research data which indicates that today children are confronted with many challenges that older generations were not faced with,” she told reporters.
“…Currently an educational void exist in teaching children and young adults how to handle personal finances and understand the concept of overall financial wealth. This lack of knowledge includes limited understanding of concepts relating to everyday financial decisions such as savings, savings rate, budgeting, investing,” she said.
Parris was hopeful that through the launch of the quiz, the Credit Union can get the school system to place financial literacy on the curriculum of secondary schools.
Resident Representative of the Eastern Caribbean Central Bank (ECCB), Linda Felix-Berkeley applauded the credit union for the efforts they are putting in with respect to the financial education of young people.
Felix-Berkeley encouraged the students to take advantage of participating in the quiz since they can win much more than money.
“I encourage the schools and students who are participating in this national secondary school financial literacy quiz to take it as an opportunity to learn more about savings, budgeting, entrepreneurship, investing, retirement and the economy, which are the main knowledge areas of the quiz,” she said.
Representative of the Ministry of Education, Astra Frank-McKenzie who is an Education Officer, noted that the quiz is premised on the fact that every individual has the right to access education that prepares them for life and to become valued and productive citizens.
“The choices our students make today will also pave the way for them to become entrepreneurs and investors who will contribute to the economic development of our nation,” she said.
“…As students go through the various stages of the quiz, over the courses of the next few weeks, we hope that students will see this as more than an academic exercise; instead we want you students to value what you learnt and use the information to help you to make wise choices,” she added.
The quiz will be formatted in three stages, Preliminary Round – June 6, 2014, Quarter-Final Round – June 16-18 and 20, Semi-Final- June 26 -27, 2014 and the Final July 3.
The school that emerges as the winner will get $3000.00 directly for the school, $1000.00 for each participating student along with a trophy for each student, medals and the challenge trophy.
The second place school will receive $2000.00, and trophy and each of its participating student will receive $750 and medals for its students.
GUT is also giving $1000.00 for the school finishing third, $500 for each of the participating student along with medals.