KINGSTON, Jamaica – Members of the Jamaica Teachers’ Association (JTA) are benefitting from investment advice, courtesy of several financial institutions, in a series of seminars organised by the Jamaica Teachers’ Association Cooperative Credit Union.
And one institution, the Jamaica National Building Society (JNBS), is encouraging the teachers to “think creatively,” in order to become financially solvent.
“No matter how small you perceive your income to be, it is still possible to put away at least ten per cent and develop a consistent savings habit,” was the word from Troy Bygrave, JN business relationship and sales manager, as he addressed the approximately 60 teachers at the Church Street headquarters of the JTA last week, for the first in the series of the annual seminars.
Acknowledging the daily struggle that many people have to make ends meet, Mr Bygrave observed that once you decide to save consistently each month, it becomes a painless process, and eventually you won’t miss the funds you put away.
However, while Jamaicans will concede the need to save, many don’t. Data from the World Bank shows that since 2005, the nation’s Gross National Savings (GNP) as a percentage of its Gross Domestic Product (GDP), has been trending downwards, and is currently one of the lowest in the world.
“A consistent saving habit will help you to afford the school costs, holidays, real estate purchases and to own a motor vehicle,” the JN financial advisor informed teachers.
In addition to saving regularly, Mr Bygrave also advised teachers to break their cycle of debt by developing a basic money management plan. He said that many Jamaicans live more extravagantly than their means allow, and noted that exposure to financial literacy from an early age would help in making sound financial decisions later in life.
“Owning a ‘piece of the Rock’ is the dream of most Jamaicans, and with deliberate attention to money management, purchasing a home can be a reality,” Mr Bygrave counselled, “but, you must make a plan to save for the down payment, even as you research the kind of home you want to acquire.”
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According to Dorian Dixon, JTA President, a significant number of teachers own their own homes. However, some educators are hindered by the prohibitive cost of real estate; and, their ability to service mortgage loans.
He said the investment seminars were, therefore, held annually to sensitise teachers about investment opportunities that exist in the marketplace; to build their awareness of financial management; and, how to make their money work for them.
Additional seminars have been planned for the JTA regions in Manchester, St Mary and St James.
