The Tribune

Staff, faculty and students at the Bahamas Technical and Vocational Institute (BTVI) have received a financial wellness check-up from leading banks, insurance companies and credit unions.

BTVI’s coordinator of student affairs, Racquel Bethel, said of financial prudence: “It is paramount; hence such a seminar would prove to be of great value in these already economically-challenging times.

“It is our hope to expose our BTVI family to the benefits of financial planning and get them on the right path for the new year.”

Presentations were made on budgeting, saving, insurance and retirement planning by representatives from Commonwealth Bank, Royal Bank of Canada, the Teachers and Salaried Workers Cooperative Credit Union, Family Guardian and Cash N’ Go.

One BTVI employee, who spoke on condition of anonymity, said the seminar changed her mindset.

“Every month I buy a new shade of lipstick,” she confessed. “Instead of spending $50 on MAC makeup, I’ll save it.

“They taught me life lessons about budgeting. They were realistic. They said how Bahamians work from pay cheque to pay cheque. I’m going to hike up my savings because you never know what may happen.”

Tanya Pinder-Carey, a credit officer at Commonwealth Bank, said the average Bahamian only has about one month’s salary available to live on in the event of termination.

She underscored the importance of saving, while Wesley Percentie, senior wealth manager at Family Guardian, encouraged attendees to not live above their means and save towards retirement.

“You must be prudent in savings and investment practices. National Insurance is not sufficient following retirement. Save from now. Now is the time to begin saving,” stressed Mr Percentie.

Jevon Butler, business development manager at Cash N’ Go, said that sacrifice is required to invest. “A man is a slave to his lender. Don’t allow emotions to affect your money,” he advised.

Mr Butler said long-term investments should not be based on today’s salary, as there may be interruptions to employment, including retirement or termination. “Spend on long-term expenditures, what you can still pay in 20 years,” he recommended.