this is not the strategy ’ s only feature. also for the first time ever, we have changed the philosophy of our relationship with individuals and institutions as clients with which we interact and for which we work every day. paraphrasing what president kennedy said in his inauguration speech over 60 years ago, i would say, “ ask not what your stakeholders can do for your central bank – ask what your central bank can do for its stakeholders. ” 1 / 3 bis central bankers'speeches the need to be client - oriented sets a new and, let ’ s be frank, a high bar for the ability of central banks to build and maintain dialogue. it goes without saying that central banks use communications as an important policy tool. but it is important to remember that transparency must be effective. it must help central bank pursue its mandate, which consists in ensuring price and financial stability. during these two days, we will discuss this aspect of central bank transparency on more than one occasion. but it ’ s time for us to admit that this passive, one - way communication, when central banks used to make everybody listen with bated breath to whatever scanty and vague words they had to offer, no longer works. ultimately, this approach undermines the effectiveness of central bank policy. “ if you don ’ t understand us, it ’ s your problem ” is the rhetoric that is outdated and obsolete. today, if you – our clients – have difficulty understanding us, it ’ s our problem. institutions that make themselves heard and understood are the only ones that get public trust. institutions that have public trust are the only ones that receive support and commitment. institutions that have public support are the only ones that can withstand the pressure of populism, fake news, manipulations, and attempts to turn these institutions into instruments for certain business interests that run counter to the interests of the people. under these circumstances, the central bank should transform taking the corporate sector as an example and begin to finally listen to clients and seek two - way communication. when communicating with clients, the central bank should take an individual approach to every client, choosing words that are intelligible and important and ones that interest the client. at the same time, the central bank must choose communication platforms that are suitable for every party. long story short, the need to be client - oriented compels banks to transition to targeted communications. we at the nbu have been moving in that direction for five years running. the groundwork for greater transparency

manage and coordinate a programme whose essential elements are : • one, providing training to teachers, volunteers, peers and colleagues who would in turn pass on the knowledge in schools, in the workplace and in community - based organizations ; and • two, making use of existing financial service providers to deliver generic financial education to an expanded group of recipients. the central bank will be responsible for the preparation and standardization of the education material, for training of volunteers and for the overall management of the programme, including the mobilization of financial and other resources. priority groups the bank has identified five priority groups to be targeted for financial education. these groups are : 1. primary and secondary school students – this is an obvious priority category based on the well - accepted notion that financial education should begin in schools where kids should be taught the essentials about managing money and good financial habits from an early age. 2. the second priority group comprises young adults who are about to or have just entered the workplace. this group faces particular challenges, as they are targets for concerted advertising, for credit cards, loans, and insurance. in addition, they find themselves facing new financial obligations and most times, they are ill - equipped to make informed decisions. the plan is to locate these young people where they are – in tertiary institutions, in training programmes, in youth organizations or wherever they could be found in groups. among young people, attitudes towards savings and debt have changed dramatically and too many seem to live in a world whose motto is “ live for today and pay for it later ”. 3. a third group defined as priority are employees in the workplace, particularly those over 40 who do not have ready access to professional advice. for this group, the programme will focus on the need to accumulate adequate savings for retirement, which, on the basis of available information, is a major problem in trinidad and tobago. 4. the program will also identify community groups which could serve as avenues for reaching large numbers of lower - income and under - privileged households and individuals at risk of financial exclusion. the plan would be to work closely with the ngo community as well as with the ministry of community development and gender affairs to identify and focus on specific groups. 5. we have decided to include as a priority category new and prospective homeowners in government housing programmes. these beneficiaries of government housing are low - to - middle income households, many of whom are facing, for the first time, the need to include mortgage payments in an already tight budget equation