FSC Implements National Financial Literacy Baseline SurveyNews Articles • July 16, 2012 • by: FSC
The Financial Services Commission (FSC) has embarked on the implementation of a National Financial Literacy Baseline Survey in Jamaica. This Survey which is being conducted in all fourteen parishes is expected to analyse levels of financial knowledge among Jamaicans and so inform the development of strategies and initiatives to address any emerging gaps.
The FSC is a member of the Organization for Economic Cooperation and Development's (OECD's) International Network on Financial Education (INFE). To this end a National Baseline Survey on Financial Literacy is proposed by the OECD and the FSC is implementing this in Jamaica. So far, the survey has been conducted in some fourteen countries across four continents, as globally financial literacy is rapidly being recognized as a core skill, with importance placed on individuals having a good grasp of financial numeracy/literacy. The OECD INFE has developed a core set of questions on the measurement of financial literacy, and this questionnaire is being randomly administered to individuals in each parish in Jamaica. This questionnaire is designed to enable:
- A measure of financial literacy that can provide national benchmarks
- A description of levels of financial literacy to enable policy makers to identify needs and gaps
- A comparison of financial literacy across countries
Under the guidance and supervision of University Lecturer in Business Statistics, Dr Lawrence Nicholson, the FSC has employed and trained twenty-eight (28) students from various universities across Jamaica to collect the data. The collection of the data began this week and will be completed within three (3) weeks. Each component of the survey will be carried out by face-to-face interviews. On completion, data collected will be the submitted to the OECD for analysis.
It is the FSC's intention that the findings from this National Baseline Survey will generate interest and engage financial education stakeholders in dialogue on financial education matters. In particular, it is hoped that the findings will aid the path towards an implementation of a National Financial Literacy Programme aimed at empowering Jamaicans with the financial knowledge necessary to create household budgets, initiate savings plans, properly manage debt, and make sound financial decisions.
For further information contact:
Nadene Newsome, (Communications Manager), FSC