By Kaelanne Jordan
The National Financial Literacy Programme (NFLP) of the Central Bank of Trinidad and Tobago launched “a new era of financial literacy” with “a ground-breaking initiative” that will put the power of financial learning in the hands of youth.
The initiative hopes to teach early developmental skills necessary for a life of greater financial freedom based on life skills that could create a firm foundation for better fiscal choices.
The web application ‘Money World’ was launched virtually via the NFLP’S YouTube page Wednesday, March 23 during Global Money Week 2022 (March 21–27). It will be accessible through the NFLP’s website: www.nflp.org.tt
The web app portal and all games can be utilised on devices such as computers, mobile phones, and tablets.
Financial Services Ombudsman Dominic Stoddard explained that the NFLP has developed this innovative and “exciting educational tool” for children ages 7 to 11 as part of the Bank’s continued commitment to distil critical knowledge of their core financial concepts to future generations with the hope of inculcating wise and healthy financial habits.
This new tool consists of two elements: firstly, an interactive web portal which teaches users fundamental concepts such as earning, saving, budgeting, entrepreneurship, and even basic investing.
As a component to the web portal, a second element is added which features seven “thrilling games”, that aim to challenge the user’s knowledge of the same concepts they would have been exposed to while navigating their way through the interactive web portal.
The games are: Billy’s Budget Dash, Know Your Notes, This or That, Money Matters, Welcome to the Money World Quiz, Shop Smart and Budget Basics.
With the recent introduction of the new suite of polymer notes and its upgraded security features, some of which are quite unique to our twin island republic, “it was imperative that we incorporate the specific component into the other core financial literacy topics”, Stoddard said.
“Therefore, one of the seven games focuses solely on the new polymer notes by creatively teaching and challenging young minds of today so that they not only become more knowledgeable of their local currency but are also better equipped to protect themselves against any fraudulent notes. Shaping and moulding the young ones at such an impressionable age is critical as it seeks to provide them with the essential information and skills that will enable them to make educated financial decisions as they progress through the various stages of life.”
Stoddard added that this “aligns perfectly” with this year’s 10th edition of Global Money Week 2022 which has as its theme: Build your future, Be smart about money.
Global Money Week is an annual awareness campaign on the importance of ensuring young people from an early age are financially aware and are gradually acquiring the knowledge and skills, attitudes, and behaviours necessary to make sound financial decisions and ultimately achieve financial well-being and financial resilience.