ECCB’s Inaugural Financial Literacy and Financial Inclusion Survey Finds That Only Half of Respondents Are Financially Resilient

Basseterre, Saint Christopher (St Kitts) and Nevis – The Eastern Caribbean Central Bank (ECCB) on Monday, 18 September released the results of its inaugural Financial Literacy and Financial Inclusion Survey, which revealed the sobering statistic that only 50 per cent of the persons who responded to the survey are financially resilient.

Speaking at the launch event held at the ECCB, the Bank’s Governor Timothy N.J. Antoine said, “I think of financial resilience as the capacity to absorb and bounce forward from a shock, such as a health event, a job loss, an economic downturn, a natural disaster or even a pandemic. Let’s face it; there are persons in the ECCU who have experienced all these shocks during the past five years.”

The ECCB Governor noted “We live in a shock-prone world. As a region vulnerable to external shocks, we must be engaged in a lifelong pursuit of building resilience including financial resilience. This is imperative for member countries, companies and individuals.”

Governor Antoine added: “When it comes to our personal finances, we must hope for the best but plan for the worst. Never forget, that hope is not a strategy. Every citizen should aspire to be financially literate and resilient.”

The Governor took the opportunity to commend all those who played a role in ensuring the successful planning and execution of the Survey, especially C. Teresa Smith, Director of ECCB’s Research, Statistics and Data Analytics Department and Dr. Leah Sahely, Data Specialist at ECCB, as well as the entire Project Management Unit at the OECS Commission led by Imran Williams, now the Director of Finance in the Government of Saint Lucia.

Governor Antoine also acknowledged the technical and financial support of the World Bank under the Caribbean Digital Transformation Project; Mr. Edwin St. Catherine whose company, Data Point Solutions Inc., executed the Survey; and all the persons who participated in the Survey.

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