provide mortgage financing for low - and middle - income housing. we think financial education will help the families manage their budgets and meet their mortgage commitments. obviously, a programme of the scope envisaged will require considerable funding. the government and the central bank have allocated seed capital and we hope to supplement these resources through stakeholder contributions. but we are not only looking for financial support. we are hoping that the financial sector – the banks, the insurance companies and the credit unions – could provide volunteers who would be willing to participate in the programme in their communities, in schools, in youth groups, and in any organizations who feel they can benefit from financial education. we think that it could be an excellent form of public service and of helping people to help themselves. i would like to extend an invitation to the ngos to work with us to reach the many groups that can benefit from financial education so that they in turn can help themselves. and finally, we would like to search out opportunities to make financial education accessible, in partnership with the media, who, we hope, would also recognize this as an opportunity to contribute to public service. ladies and gentlemen, it is not difficult to judge that we in the central bank are very excited about this financial literacy project. but we are realistic. we recognize that financial literacy will need to overcome deep - seated poor financial habits, and in some cases, a stubborn resistance to change. many people find making financial decisions daunting and confusing ; for these people, even thinking about their financial security is dispiriting and distressing, particularly if they are struggling to make ends meet. the challenge is to convince them that if they become more financially capable, they would be able to make their incomes go further and manage their commitments better. we also recognize that building financial capability is about long - term change and not about short - term adjustments. clearly, for us to assess if progress is being made we need to know where we are. accordingly, in the next few days we will begin a national survey to determine the current level of financial literacy and to better identify the most urgent needs. we hope that the launch of the national financial literacy programme will be the start of a journey towards improved financial capability and contribute to enhanced financial well - being for all our citizens. the country needs this and we can achieve it if we all pitch in. the central bank hopes it could count on your support.

presentation is to first clarify what we mean by “ financial literacy ”. in the conventional definition, “ financial literacy ” is seen as “ the ability to make informed judgments and to take effective decisions regarding the use and management of money ”. persons that are financially literate should have the capability to make personal budgets, balance current spending and saving for the future ; manage credit and debt ; assess the needs for insurance and protection, and evaluate risks and return involved in different savings and investment options. as such, financial literacy is a fundamental tool for all of us, in our diverse capacities as students, employees, consumers, savers, investors ; in short, it is a tool for all responsible citizens. why the central bank you may ask, why should the central bank be so concerned with financial literacy? well, the answer is that in addition to monetary policy, regulation of the financial system, and management of the country ’ s external reserves, the central bank ’ s mandate includes promoting public understanding of the financial system and ensuring that customers get a fair deal. this is the justification for the bank ’ s creation of a financial services ombudsman ; it is also a most important reason for our involvement in the delivery of financial education. but there are other factors that justify the bank ’ s involvement in the programme : • we are in an ideal position to spearhead this initiative because, for the bank, the confusion between information and advertising does not arise. • we have the credibility to provide unbiased and impartial information ; and • with our overview of the monetary system, we are in the best position to see the gaps and problems in the market. financial literacy can also facilitate the efficient operation of the market economy in general and of monetary policy, in particular. for example, knowledgeable consumers promote competition among financial and non - financial firms which benefits the economy as a whole. experience also shows that astute consumers are less vulnerable to fraud and abuse than the financially uneducated. what ’ s the programme strategy first, let me tell you what the programme is not. it is not a programme of central bank lectures or of a series of advertisements in the media. while central bank staff will deliver lectures in certain circumstances, given our expanded responsibilities, we don ’ t have the capacity to conduct such a programme by ourselves. also, while the programme will make use of the media, this will be only one aspect and not the most important at that. the model is for the central bank to