Student ‘Fin Fest’ participants win J$20,000 to open credit union accounts

Original Article Posted Here: https://our.today/student-fin-fest-participants-win-j20000-to-open-credit-union-accounts/

Over 180 students from 11 high schools across the country participated in the Credit Unions of Jamaica’s annual Financial Reality Fair, Fin Fest 2024. (Photo: Contributed)

It was a day of enlightenment, edification and much fun for the nearly 180 students who attended the Credit Unions of Jamaica’s National Financial Reality Fair 2024 (Fin Fest).

Held at the Waterloo Road headquarters of the Girl Guides Association on April 24, students were engrossed in learning the ‘realities’ of monthly budgeting for expenses such as mortgage, child care, food, taxes, and transportation as well as how to prioritize financial needs versus wants, in managing their allocated monthly income. 

Fin Fest is held annually by the Jamaica Co-operative Credit Union League (JCCUL), under the brand ‘Credit Unions of Jamaica’ and is aimed at teaching students skills to improve money management and overall financial literacy through simulations of real-life experiences.

This year’s event saw students from eleven high schools across the country participating, with five students awarded J$20,000 in shares to open accounts at the credit union of their choice for their winning budgets.

Mark Anderson, head of the Financial Inclusion Technical Secretariat at the Bank of Jamaica (BOJ), interacts with students of the Pentab High School at the Credit Unions of Jamaica’s Financial Reality Fair, Fin Fest 2024. (Photo: Contributed)

These students demonstrated keen money management skills in covering their monthly expenses with funds remaining for saving, investment and discretionary income. The winners were Deijanay Lewis and Khristavel Amore of Port Antonio High; Shannoya Smith and Alethia Campbell of Kingston Technical and Thayshawn Thompson of Titchfield High School.

For grade ten Port Antonio High School student Deijanay Lewis, while it was “kind of hard’ to execute her budget, the activity was fun.

Speaking about the objectives behind the annual event, Katrina Grant-D’Aguilar, group marketing and communications manager, said: “Fin Fest is a direct response to the recognised need for young people to develop strong financial management skills early in life, skills that they can continue to nurture and develop into positive habits that they can take throughout their adult lives.” 

Katrina speaks with a student

Students comparing budgets

The theme of the event also played on the Jamaican parlance and was meant to “connect” with the youngsters, she said.

Embodying the ideals of volunteerism, staff members of credit unions, the JCCUL Group and their affiliates, Jamaica Co-operatives Insurance Agency (JCIA), and Cuna Caribbean Insurance Jamaica, took time from their office duties to act as salespersons for the differing storefronts.

They engaged the students on the cost of the items on their budget sheet such as cars, electronics, gym membership, insurance and clothing.

Exhibitors also helped the students to navigate their budgets and make decisions on whether they could afford the payments for items they chose and how to balance needs or wants with their allocated income.