More than 100 students from 42 high schools across Jamaica who entered the Jamaica Deposit Insurance Corporation’s (JDIC) High School Essay Competition, along with teachers and parents, were feted last Friday at the Awards Ceremony held at the University of the West Indies Regional Headquarters in St Andrew.

The initiative forms part of the Corporation’s 25th Anniversary observance and is in keeping with the Public Education and Corporate Social Responsibility thrusts of the organisation.

“At the JDIC, a crucial part of our mission is promoting financial consumer protection, financial literacy, and inclusion. We want all Jamaicans, but especially young Jamaicans, to be financially empowered and to be included in the financial system.”

Antoinette McKain, Chief Executive Officer of the JDIC, during her opening remark, stated that. “Financial literacy is not just about understanding how to spend your money; it’s about responsible and informed action. It’s about how you save your money, and what this means for the country’s financial system.”

Speaking against the backdrop of findings in the 2022 Baseline Financial Literacy Survey led by the Bank of Jamaica as part of the National Financial Inclusion Strategy, Miss McKain further noted that more than half of the students sampled did not have a bank account.

“Although the majority, 67% and 57% of youths in and out of school respectively understand that a financial institution is the safest place for their money, more than half, that is 60% of youths surveyed in school and 56% of youths out of school did not have a bank account.”

“Financial literacy, especially among young people, is a crucial part of building trust in our financial institutions, and this involves understanding how the financial system works and understanding that Jamaica has a Financial System Safety Net that includes deposit insurance protection for commercial banks, building societies and merchant banks,” said McKain. Students who entered the essay competition were asked to explain the role and function of the JDIC and the Deposit Insurance Scheme in Jamaica, as well as the importance of the JDIC being a member of Jamaica’s Financial System Safety Net. Westwood High School’s, Hale Fearon, who secured first place for the county of Cornwall, expressed that “this initiative has definitely aided in polishing my knowledge about financial literacy and the importance of the JDIC, and I am thankful for it. In addition to that, it went further to sharpen my research expertise, having to do complete extensive data collection to compile the essay.” The sixth former who will commence her studies in Computer Science or Biochemistry at the University of the West Indies in September also shared that the laptop computer awarded to her by the Corporation on topping the county of Cornwall, “will go a long way in allowing me to develop my skills as I prepare for the world of work.” Adding that she is also looking forward to the commencement of the community project which she proposed in her winning essay that will be funded through the JDIC’s Corporate Social Responsibility Programme.

The inclusion of a community development question formed the second component of the essay competition whereby students were asked to propose a project for their school or community, with a focus on the importance of building strong communities that support the social and economic development of Jamaica.

“The competition provided the Corporation with the unique opportunity to provide funding through its Corporate Social Responsibility Programme for community projects identified by the first-place winner from each county who would be more attuned with the needs of their communities and also stand to benefit from our support,” explained Marjorie McGrath, Director of Corporate Planning and Communications at the JDIC.

Congratulations again to the winners and to the teachers and parents who facilitated the students’ success! It takes a village.

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