The National Youth Commission has launched a course to teach young Caymanians the best ways to handle their finances.
Those who complete the programme will receive a certificate and be awarded $250 to start practising the principles they learn.
This could include starting a savings plan, making a smart investment, or learning to budget effectively.
The Financial Literacy Programme has been set up in a bid to give young people aged 14 to 25 the know-how to manage their finances confidently.
“With the challenges of a rapidly evolving global economy, and the rising cost of living, it has never been more important to equip our youth with the skills needed to make sound financial decisions,” said Brittany MacVicar, deputy chairperson of the National Youth Commission.
“Programmes like these play a crucial role in ensuring that all young Caymanians, especially the most vulnerable, have access to the resources and education necessary to achieve financial independence.”
MacVicar said that people in the targeted age group were at a pivotal stage of financial education, when they begin earning money, managing expenses, and making choices that can shape their financial well-being for the years ahead.
She added that by participating in the programme, young people could gain the confidence to make smart financial decisions, avoid unnecessary debt, and lay the groundwork for building wealth early in life.
“Financial literacy is a journey, not a destination,” she said. “Small, informed steps today can lead to lifelong financial security. We’re really excited to see the impact of this initiative and look forward to reaching as many young people as possible.”
The programme is built around the McGill Personal Finance Essentials course, an internationally recognised curriculum taught by professors from McGill University in Canada.
Available online and free to registrants, the course covers financial topics including budgeting, saving, debt management, investing, retirement planning, real estate and cryptocurrency.
‘Investing in future success’
The National Youth Commission – which comprises 16 members representing youth, and the public and private sectors – falls under the Ministry of Youth and is facilitated through the Youth Services Unit.
“By equipping young people with the tools to manage their finances effectively, we are investing in their future success and the long-term prosperity of our nation,” said Minister for Youth Isaac Rankine, who welcomed the initiative.
Johann Moxam, chairperson of the National Youth Commission, described financial literacy as a key pillar of preparing Cayman’s youth for a successful future.
“By launching this programme, we aim to provide young Caymanians with the tools and knowledge necessary to make informed financial decisions and secure their financial independence,” he said.
Stephen Price, chairperson of the Financial Literacy Programme committee, said the new initiative was a game-changer for young people in the Cayman Islands.
“Our goal is to create a generation that understands the principles of financial responsibility and wealth-building,” he said.
To date, the commission has secured 1,200 awards of $250 each for those who complete the course and pass the final examination.
Further information about the Financial Literacy Programme and how to apply, as well as ways in which businesses can support the initiative, is on the National Youth Commission’s newly launched website.
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