FSC Implements National Financial Literacy Baseline Survey

News 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
Tel: 906-3010-2