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HSBC donates $40,000 to financial literacy at Bermuda College

Bermuda College has been given a boost to this month’s financial literacy series by one of the island’s main banks.

HSBC has presented the college with a $40,000 donation.

The “‘Building Financial Literacy” workshop series at the college is aimed at enhancing the financial management skills of participants.

Garry Madeiros, the chairman of the Bermuda College Foundation, said the donation would “cover the cost of the workshop through financial aid support to approximately 500 individuals over the next four semesters”.

He said financial literacy — being able to understand and effectively manage one’s money — was “a critical skill for every resident, regardless of age or financial situation, and the learning of it should not be hampered by an inability to cover a workshop fee”.

Bermuda College’s interim acting president, Branwen Smith-King, said: “We are grateful to HSBC for funding the financial aid mechanism that ensures access to such an important life management skill.”

She said the workshop series, which the college started in 2019, aims to “elevate financial literacy levels in Bermuda by building practical knowledge through the introduction of basic money and financial concepts”.

Rashid Daurov, chief financial officer at HSBC said: “Empowering members of our community with skills in financial literacy and how to manage money better is an investment to better our future and is a central pillar of HSBC’s community engagement strategy.”

He said the bank was proud to support the workshop and “reaffirm our commitment to financial learners of all ages, equipping them with the skills they need to achieve financial success”.

The college said it partnered with the Chartered Financial Analyst Society of Bermuda to deliver the workshop series.

The course is made up of several modules, including the basics of budgeting and savings, income and expenses, and planning for retirement.

According to the college, 90 per cent of previous course participants were working adults.

“Their feedback reflected being better prepared for financial decision-making and having improved financial knowledge.”

For details on the workshop series, visit the college website or call 236-000 ext 4117

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Published April 02, 2024 at 11:07 am (Updated April 02, 2024 at 7:23 pm)

HSBC donates $40,000 to financial literacy at Bermuda College

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