The National Financial Literacy Programme (NFLP) is an outreach arm of the Central Bank whose primary function is spreading financial management and financial awareness to its core target audience—members of the public. The message of the NFLP is transmitted in several ways, ranging from group presentations to the production of articles and other forms of public education material.
Empowering Financial Futures
Financial Literacy
Building Awareness, Knowledge, and Skills for Better Financial Decisions Defined by the Organization for Economic Co-Operation and Development (OECD) International Network on Financial Education (INFE) as:
“A combination of awareness, knowledge, skill, attitude and behaviour necessary to make sound financial decisions and ultimately achieve individual financial wellbeing.”
Programme Objectives
- Providing individuals with knowledge that would assist them in making better financial decisions.
- Imbuing persons with a basic understanding of banking and finance, in particular, the essential features of the various products that they are likely to access.
- Giving individuals the skills and confidence to function in an increasingly sophisticated financial environment.
- Creating in the minds of individuals an awareness of developments within the financial environment and the ability to take advantage of opportunities which may present themselves, for example, making the best of business opportunities.
- Teaching individuals and families to apply personal financial management techniques in keeping with their personal circumstances, in order to eliminate and prevent excessive personal debt accumulation, thereby promoting financial freedom.
- Encouraging persons to plan ahead, ultimately increasing the individual’s financial preparedness during their work life and retirement.
Reaching Every Corner of the National Community
The NFLP has been charged with the responsibility of fostering financial literacy throughout the national community. The department recognized that in order to execute its national mandate, it had to segment the population into sectors.
Our Story: From Economic Growth to Financial Awareness
From the mid-1990s through to 2009, Trinidad and Tobago enjoyed rapid economic growth on the strength of high energy prices and expanding capacity in the energy sector.
The steady increases in employment and personal incomes were accompanied by sharp increases in private consumption and rising consumer debt. Additionally, personal savings were relatively low, with many persons proving to be ill-prepared for retirement.
Alarmed by the observed trend, the Government of the Republic of Trinidad and Tobago mandated the Central Bank of Trinidad and Tobago to spearhead the operation of a unit responsible for guiding and advising individuals on making sensible financial decisions.
The Central Bank of Trinidad and Tobago was deemed particularly well-positioned in executing such a task due to its credibility in providing unbiased, impartial, and accurate information to the citizens of Trinidad and Tobago. The National Financial Literacy Programme was thus officially launched on January 31, 2007.
Practical Financial Knowledge for Everyday Life
The sessions conducted by the NFLP are flexible and address societal needs and concerns of a financial nature. A range of financial concepts and topics are addressed in their sessions, including:
- Retirement Planning
- Entrepreneurship
- Saving
- Budgeting
- Risk & Credit Card Management
- Importance of having the right financial attitude
- Financial Fraud
- Mortgages & Home Ownership
- Debt Management
- Financial Products