Central Bank launches app to teach children financial literacy

IN a bid to cultivate greater financial literacy as the world celebrates Global Money Week, the Central Bank and the National Financial Literacy Programme (NFLP) launched a website targeting children aged seven-11.

The launch of the web portal was pre-recorded and shared on YouTube on Wednesday.

Central Bank Governor Dr Alvin Hilaire warned there are dangers that can come from financial engagements and the webpage will help navigate such dangers. He added that taxes and inflation, which eat away at purchasing power, is part of the teachings the app offers.

“If you don’t learn, you become vulnerable to being cheated, and secondly, you don’t know what is happening, so you are not aware of opportunities. It can maximise your opportunity to earn and maximise your opportunity to invest safely and wisely.”

He advised the users and their relatives to provide feedback to the Central Bank so it can improve its service.

He said people can do four things regarding financial literacy: trusting the institutions; leaving it to the regulators; not worrying about it; and educating themselves. .

Three -time Soca Monarch Aaron "Voice" St Louis said he was grateful such an initiative was in place to assist the youth. Growing up he did not have such guidance and made money mistakes when he started working. He said Money World will change how young people see and handle money, and thanked the Central Bank and NFLP for the opportunities the website provides.

Youth influencer Xaiya Morris said the money world website is easy to use and she had fun while learning.

Financial Ombudsman Dominic Stoddard said the web pages will teach children about earning, budgeting, entrepreneurship and basic investing, all of which will be reinforced through seven games.

One of the games, called Know your Notes, focuses on the security details of the new polymer banknotes, and is aimed at training children to be better aware of the notes and protect themselves against fraud. He said this is in keeping with this year’s Global Money Week theme, “Build your future: be smart about money.”

"Molding and shaping the young ones at such an impressionable age is critical, as it seeks to provide them with the essential information and skills that will enable them to make educated financial decisions as they progress through the various stages of life."

The web portal address is moneyworld.nflp.org.tt. Users can also access games linked to the webpage at games.nflp.org.tt.