ECCB Promotes Healthy Financial Planning within the Family

ECCB Connects S25 Ep9 - Family Financial Planning

The Eastern Caribbean Central Bank is highlighting the importance of involving the entire family, including children, in financial planning to better achieve financial goals.

On this week's episode of ECCB Connects, the Moses family based in Saint Christopher (St Kitts) and Nevis and Financial Adviser at Sagicor Inc, Quinn Martin, discuss family financial planning. They emphasise that proper financial planning begins with setting SMART goals. This is, financial goals should be: Specific, Measurable, Achievable, Relevant, Time-bound. They also highlight the importance of involving children in financial planning. Martin advises that saving for the future is a family activity and sharing financial information with family members sets a positive example for children to follow.

Preparing and managing a budget is also essential for attaining financial success. The Moses family says that when preparing their budget, they place importance on allocating funds for their financial goals, as well as for everyday expenses. They also believe that in addition to providing their children with information on financial planning, it is critical to set a good example by demonstrating good money practices.

View the full interview on the ECCB's social media platforms, using the handle ECCB Connects.