The Tribune

The Securities Commission has partnered with the Ministry of Education (MOE) to develop and launch a financial literacy/investor education pilot study in the Bahamas.

The pilot study, which is being launched this week, is designed to test the delivery of financial concepts and provide students with real world skills for developing sound financial practices and managing money.

Jeffrey L. Lloyd, minister of education, said: "The fundamental financial concepts taught in the programme will pave the way for our children to develop good attitudes and behaviours to achieve financial success as they mature.

"We hope this pilot study will inform the development of a national curriculum that teaches these financial skills to all Bahamians, from kindergarten to graduation."

Christina Rolle, the Securities Commission's executive director, added: "Financial literacy and investor education are vital 21st century life-skills, akin to the ability to read, write, perform mathematical operations and use computers.

"I thank the Ministry for allowing us this opportunity and partnering with us to jointly develop and deliver this programme, which will help ensure that young people have the skills they need to make wise financial choices into adulthood."

Curricula for financial literacy and investor education were developed for students at both the primary and junior high school levels. The pilot course is being introduced in three schools in Nassau, namely: A.F. Adderley Junior High School; H.O. Nash Junior High Schoo;l and C.W. Sawyer Primary School. The Securities Commission and Ministry of Education are also working to develop a programme that will infuse key concepts at even earlier stages.

The high school curriculum focuses on nine core areas, including understanding money; basic numeracy for financial literacy; planning for financial success; saving; an introduction to investing; the capital markets; risk and diversification; getting advice; and avoiding frauds and scams. The primary school module is designed to cover more fundamental areas and focus on basics, such as understanding money and saving.

The timeframe for the pilot study will be one school year, and will include pre and post-evaluations administered to students in the study and control groups to assess the success of the programme in delivering key concepts. Upon completion of the pilot study year, it is intended that a full financial literacy programme will be rolled out to all grade levels in primary and secondary schools.