The National Financial Literacy Programme (NFLP)

Background of the NFLP

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 as 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 31st January, 2007.

Vision

The National Financial Literacy Programme aims to produce more financially informed individuals who have the skills and knowledge needed to make sensible decisions with their money.

Financially literate individuals can:

• Take responsibility for their financial affairs;
• Make ends meet and avoid incurring unnecessary personal debt;
• Plan ahead for short, medium and long term goals, including retirement;
• Adopt and emulate beliefs and attitudes towards money;
• Exhibit responsible consumer behaviour and;
• To empower individuals to achieve financial well-being.