Global Money Week 2021 |22 March 2021

Caroline Abel

CBS Governor urges youth to learn how to better manage their money

The Governor of the Central Bank of Seychelles, Caroline Abel, is urging the young people in Seychelles to participate actively in this week’s Global Money Week activities and learn as much as possible on how to better manage their money.

The appeal comes in Governor Abel’s message on the occasion of the Global Money Week which starts today.

Governor Abel’s message reads:

“As the world endures the many challenges of the Covid-19 pandemic, it is delightful to see that Seychelles is joining the global community to continue raising awareness, particularly among the youth, on financial matters.

“For the fourth consecutive year, UN Youth - Seychelles is spearheading the commemoration of the Global Money Week initiative locally, and once again, the Central Bank of Seychelles is pleased to be part of the activities being organised.

“‘Take care of yourself, take care of your money’ – the theme chosen for this year's Global Money Week being commemorated from March 22 to 28 – highlights two important aspects: staying healthy and building financial resilience, which could not be more fitting in the current context. The ongoing pandemic has impacted not only our health but also our livelihood. Making ends meet in the face of reduced income and higher costs, loss of jobs and reduced business activities are some of the impacts being felt, requiring adaptability, efforts, and resilience to live through these trying and uncertain times, as we chart the way to an eventual recovery.

“With our financial resources, at both the individual and broader economy levels being particularly strained, the need to address the way we make our financial decisions has never been more prominent. And this conversation needs to happen across all spectrums – from among the adults to the younger generation.

In this vein, Global Money Week provides a platform for peer-to-peer discussions, engagement, and knowledge-sharing on money matters among one of the largest groups of people – the youth – who can transform the way the future generation will manage their financial resources. Since the initiative started in 2012, the campaign has reached over 40 million children and youth in 175 countries worldwide, including Seychelles. This feat should not go unnoticed.

“Although the present situation may limit the ability for more direct and personal interactions, the activities being organised locally throughout this week by UN Youth - Seychelles in collaboration with various stakeholders through virtual means, to which we are now more accustomed, provide a good opportunity for the youth of Seychelles to be educated about money issues and be imparted with knowledge and skills to better manage their personal finances.

“In this endeavour, every care should be taken to ensure that these efforts are far-reaching and inclusive. It is encouraging to see that one of the activities is a workshop on personal finance designed specifically for a group of young people with hearing impairments. This is a fine example of inclusion, one of the values upheld by the Central Bank as an institution and one aspect that is also part of its financial education initiatives.

“Building the financial resilience of our youth will help them as they grow into adulthood to be conscious that it is not only important to earn money, but it is equally important to make sound financial decisions. This includes becoming wise and confident in how they spend and learning to cultivate the habit of saving, budgeting and investing. The current pandemic has shed more light on the limitations that still exist when it comes to financial resilience and financial education. Investing extra efforts in building a more resilient generation as we sail

through and emerge from the challenges we are currently facing is therefore key to building a more financially-resilient generation that is empowered to face any future eventualities.

“While this week's focus is on the youth, we should remain mindful that we all have an individual role to play in shifting our behaviour if we want to make a collective difference and ensure that we enhance the financial resilience of our population and our country. As an institution, the Central Bank will continue with its financial education initiatives and support other initiatives that contribute towards imparting financial knowledge to our population, like Global Money Week.

“I would like to encourage the young people in Seychelles to participate actively in this week’s Global Money Week activities and learn as much as possible on how to better manage your money.”

Caroline Abel

Governor of the CBS