Seasonal agricultural workers in St Elizabeth have benefited from a sensitization session about financial literacy during a link-up session mounted by The Jamaica National Group, at the St. Elizabeth Technical High School in Santa Cruz, St Elizabeth, on February 10.
The financial wellness session was conducted by JN Bank, in collaboration with JN Money Services (JNMS), as part of the company’s thrust to provide seasonal agricultural workers, more popularly called farm workers, with financial advice and guidance, as well as, the benefits of other services of The Jamaica National Group, at special rates.
The Jamaica National Group’s Seasonal Farm Workers Link-up sessions are slated to take place in several parishes. At the sessions, farm workers will also be introduced to special offers from The Jamaica National Group as part of the JN Seasonal Farm worker programme, which include special discounted rates on mortgages, loans and insurance. JNMS is the lead company in this initiative to provide special offers and financial literacy training, with support from other JN Group member companies, including: JN Bank, JN Small Business Loans, and JN General Insurance Company.
“Financial education has a positive effect on a country because financially literate citizens understand the importance of saving and investing”, stated Lorna Sinclair, JN Bank’s business relationship and sales manager for Santa Cruz. “It will also generate financial stability in the country, as a result of increased investments, which will stimulate economic growth and development”.
She advised seasonal workers that savings was critical for individual persons and also for the country’s economic development.
“Saving will lead to the achievement of your financial independence. And, believe it or not, saving is only the beginning. After you have saved, then you can move on to make investments, because it is through investing that one can attain economic freedom,” Ms Sinclair affirmed.
“Financial advisers explain that you should save at least ten percent of your income for emergencies. You can save your funds in different accounts, such as: regular savings, contractual savings and fixed deposits. However, if you have nothing saved, then your will have nothing to invest,” the Santa Cruz manager advised.
She also emphasized that matters such as budgeting, was important for persons who want to develop and maintain positive saving habits.
“Your budget should be realistic and flexible, Ms Sinclair further stated. “Write down the elements of your budget, starting with the most important expenses, and classify those, as needs. Revise it, as necessary. Successful budgeting requires discipline; therefore, stick to it as much as possible. Account for every dollar that you earn and every dollar that you spend. And, remember to always include an amount for saving.”
Sean Russell, a participant in the financial literacy programme, said that the information from the financial literacy session would assist him to achieve his financial goals.
“The information was useful. I learned a lot about saving towards my goals to achieve in the short and long terms. I have several plans, such as starting my own business, and this session will help me to start putting my plans in place,” he related.
The next link up session will be held at Clarendon College in Chapelton, Clarendon on March 3, starting at 12:00 noon.