The Tribune

The Central Bank of The Bahamas yesterday said it has relaunched its national financial literacy campaign, Get Money Smart Bahamas, to coincide with Financial Literacy Month.

The regulator has teamed with the Clearing Banks’ Association (CBA) to promote financial education and wellness throughout April with a focus on personal finance and banking. Participating banks include Bank of the Bahamas, CIBC FirstCaribbean, Commonwealth Bank, Fidelity Bank (Bahamas), RBC Royal Bank, and Scotiabank Bahamas.

The campaign aims to teach consumers more about banking topics that directly affect their financial well-being and preparedness, including cyber security, digital banking and the loan application process.

It will highlight mortgages, providing the basic information on how to qualify; how to pay a mortgage off quickly; and whether you should refinance depending on your circumstances during the mortgage journey.

The campaign will also tackle debt management, offering tips and strategies about understanding debt, using it efficiently and liberating yourself from financial strain by becoming debt free. Social media users can ask questions about money-related concerns by connecting with Get Money Smart Bahamas on Facebook and Instagram at @GetMoneySmart242.

“Financial Literacy Month is a great time to focus on financial education,” said John Rolle, the Central Bank’s governor. “As our economy evolves, it will become even more important for Bahamians to commit themselves to their personal financial freedom.

“We need early and extensive financial education to permeate all communities, regardless of socioeconomic standing, so that future generations are prepared to be responsible for their financial futures.

“Take action, even if it’s in small ways. Visit getmoneysmartbahamas.com, start tracking your spending, take an online budgeting course, or decide to live on less than you earn and save the difference each month. By taking small, purposeful steps like these, you can control your financial life and gain more financial freedom.”

In December 2018, the Get Money Smart Bahamas campaign was recognised as the Platinum Winner of the Summit International Marketing Effectiveness Award for Education Marketing.

The award recognises and rewards innovative and leading-edge creative work that creates solutions for today’s marketplace. The campaign was developed and executed by Blue Orchid Advertising & PR in partnership with Colina Financial Advisors (CFAL).