The ECCB and the OECS Commission are working to ensure that citizens and residents of the ECCU have access to the financial services they need and that they possess the knowledge and skills required to make good financial decisions.
It is against this backdrop that the Financial Literacy and Financial Inclusion (FLFI) Survey for the Eastern Caribbean Currency Union was commissioned.
The FLFI Survey was conducted in the ECCU countries: Anguilla, Antigua and Barbuda, Commonwealth of Commonwealth of Dominica, Grenada, Montserrat, Saint Christopher (St Kitts) and Nevis, Saint Lucia and Saint Vincent and the Grenadines.
Financial literacy, as defined by the Organisation for Economic Co-operation and Development, is a combination of financial awareness, knowledge, skills, attitudes and behaviors necessary to make sound financial decisions and ultimately achieve individual financial well-being. According to the World Bank, Financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit and insurance – delivered in a responsible and sustainable way.
The Financial Literacy and Financial Inclusion Survey forms part of the Digital Financial Services Component of the World Bank funded Caribbean Digital Transformation Project.
The Caribbean Digital Transformation Project (CARDTP) is being executed in the Eastern Caribbean and is focused on building five key foundations of the digital economy - digital infrastructure, platforms, skills, financial services, and entrepreneurship with an objective to “increase access to digital services, technologies and skills by governments, businesses, and individuals”. The ECCB is a technical lead institution in the project.
Data Point Solutions Inc., headed by Chief Executive Officer Edwin St Catherine, was the contracted agency responsible for administering the survey throughout the ECCB member countries. Overall, the survey captured baseline information about:
Volume 1 of the ECCU Financial Literacy and Financial Inclusion Survey report is published here for the information for citizens, governments, financial institutions and businesses to access. A second volume with further details will be published.
The ECCB and OECS Commission will work with member states to create a financial inclusion strategy to help transform citizen awareness and access to financial products and services. The strategy will also address how progress towards financial literacy and financial inclusion in the region is measured.
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