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Financial Assistance recipients learn about financial literacy

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Lacking knowledge: Studies reveal that investors have very little basic financial literacy, a poor understanding of elementary financial concepts and lack critical knowledge of ways to avoid investment fraud.

A group of financial assistance recipients have completed a pilot financial literacy programme launched by the Ministry of Economy and Labour.

A spokesman said the first 13 participants completed the course on April 6 after attending presentations on budgeting, expenses, debt and savings organised by the Department of Workforce Development and the Chartered Financial Analyst Society of Bermuda.

Jason Hayward, the Minister of Economy and Labour, said: “April is Financial Literacy Month, and we are hopeful that with this collaborative effort, we will enhance the lives of others by strengthening their capacity to understand money management.

“I would like to take this opportunity to thank the Chartered Financial Analyst Society of Bermuda and the Department of Workforce Development for bringing this pilot to fruition.

“I look forward to the continuation of this great work.”

Jason Hayward, the Minister of Economy and Labour (File photograph)

The launch of the course came as the Government moves forward with reform of the financial assistance system.

“It was promised that Financial Assistance Reform would be implemented in a phased approach with the first phase involving the implementation of personal employment plans,” Mr Hayward said.

“In accordance with the amendment, the Director of the Department of Financial Assistance may impose a condition that requires an able-bodied recipient of an award to enter into an agreement which identifies a direct path towards attaining employment opportunities.

“In addition, other personal development courses or programmes will be included to assist in developing technical and financial literacy skills needed to sustain their households without the dependency of the financial system.”

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Published April 26, 2022 at 7:45 am (Updated April 26, 2022 at 7:45 am)

Financial Assistance recipients learn about financial literacy

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