Money Moves 2025: Financial Literacy for Young Leaders

Winsome M. Sherrier Witter
Feb 15
3 min read

In today’s fast-changing financial world, Serenity Resource Connector (SRC) brought the community together for an engaging live forum: "Money Moves: Financial Literacy for Young Leaders". This impactful event featured experts from the First Heritage Cooperative Credit Union (FHC) and the National Youth Council of Jamaica (NYCJ), sharing practical advice to help young Jamaicans save smarter, invest with confidence, and build lasting wealth.

If you missed the live session, don’t worry—you can watch the replay here.

💡 Why Financial Literacy (for Young Leaders) Matters

Understanding money is more than just counting dollars—it's about making informed decisions that set you up for success. As Junior Thomas, FHC's Branch Supervisor, explained, financial literacy means knowing how to:

Budget effectively: Track income and expenses.
Save strategically: Set aside money for goals and emergencies.
Invest wisely: Grow wealth beyond inflation.
Manage debt: Borrow responsibly.
Handle taxes: Understand tax implications for your finances.

"It’s not just about having money but knowing how to make money work for you," Thomas emphasised.

🌱 From Savings to Smart Investments

The forum tackled the all-important question: Is saving enough in today’s economy? With inflation hovering between 4-6%, merely stashing cash in a savings account no longer cuts it. The panel suggested diversifying income streams through:

Entrepreneurship: Start a side hustle like poultry farming or digital content creation.
Online Gigs: Try freelance writing, tutoring, or audiobook narration.
Investing: Explore stocks, mutual funds, and bonds.

Norman Williams, FHC's Branch Manager, stressed the importance of investing in ventures that yield returns above the inflation rate. "You want your returns to be higher than inflation," he advised, "or else your money is losing value."

🏦 Financial Tools & Opportunities from FHC

FHC, a cornerstone of Jamaica’s credit union movement, showcased several products designed to support financial growth at every stage of life:

Youth Account (Ages 0-17): Encourages young savers with scholarships and fun incentives. Start with just JMD 200.
Starter Account (Ages 18-24): Ideal for students and entry-level earners. Open yours with only JMD 750.
Work & Travel Loan: Need help funding your overseas work program? Borrow up to JMD 300,000 unsecured, with payback twelve months after disbursement!

"It's not just about saving; it's about saving with a purpose," said Teia Swaby, FHC's Branch Sales Representative.

📞 Ready to get started? Call FHC at (876) 618-1200 or visit their website at www.fhccu.com.

🎓 Scholarships & Grants: Education Without Limits

Education can be expensive, but there are resources available. FHC offers multiple scholarships, including:

PEP Scholarship: For students transitioning from primary to secondary school.
Ronald Mason & Oswald Thorburn Scholarships: Tertiary-level support.
FHC Sports Scholarship: Aids student-athletes pursuing higher education.

Additionally, NYCJ reminded attendees about various Ministry of Education grants and MP-sponsored funding opportunities.

🚧 Common Financial Pitfalls to Avoid

Financial success isn’t just about what you do right—it’s also about avoiding costly mistakes. The panel highlighted these common pitfalls:

Impulse Spending: Prioritising luxuries over necessities.
Ignoring Inflation: Keeping savings in low-interest accounts.
Short-Term Focus: Neglecting long-term financial goals.
Fear of Investing: Letting uncertainty block potential gains.

💡 Pro Tip: Start small. Even JMD 500 invested regularly can snowball into significant savings over time.

🧠 Mindset Shift: From Consumer to Investor

Shamar Bell, NYCJ's Assistant Financial Controller, issued a challenge: "Wise up! It’s not just about making money but managing it." This mindset shift—from spender to investor—is crucial for long-term success.

The panel agreed that patience is essential. Success doesn’t come overnight; it comes from disciplined saving, strategic investing, and staying financially literate.

🔔 Take Action: Your Financial Future Starts Now!

Ready to take control of your finances? Here’s what you can do today:

Open an FHC Account: Start with a Youth or Starter Account.
Start a Budget: Track your income and set realistic saving goals.
Invest Wisely: Research investment opportunities or speak with an FHC advisor.
Stay Informed: Follow SRC's forums and blog for ongoing financial education.