about how to manage your money. if you have income, be it from an allowance, a job, or a business, then you should already be thinking about how you allocate my money – what portion of it do i save and what do i spend on necessities versus desired wants. 1 / 4 bis - central bankers'speeches similarly, when you are gifted funds for your birthday or christmas, what do you do with it? i imagine some of it will go towards hobbies and activities that you enjoy. some of it might go to topping up your phone. and if you're responsible for paying or helping to pay a household bill, some of it will go to that. i encourage you to ensure that some of your earnings also goes towards savings. if you don't already save, now is the time to start. first, because the earlier you start, the sooner it will become a habit. second, because while your income might be limited now, so are your expenses. until a mortgage, land tax, car payments, insurance, bills, and all the other joys of adulthood kick in – trust me on this – take advantage of this time when you have limited obligations and bills, to start setting money aside. at the outset, it might not be much, but as we say in the moneysmart programme, start with what is realistic for you and aim to be consistent, even if it is $ 5. 00 there's a third reason, and it's simply a matter of maths : the earlier you start saving, the more you're likely to save in the long term. i just explained why it's better to start saving early, but in case you have any question as to why you should save at all, there are several reasons, but i will focus on just one. it helps you to achieve your financial goals and what you want to for yourself in life. how many of you would like to own a car? to travel? to own a home? to start a business? these are all common financial goals, and having savings will help to make them a reality. also, at some point in life, you may opt to take out a loan to purchase something, pay attention to the interest rate and how much in fees you are expected to pay, beyond the repayment of the initial amount borrowed. by having savings, you can reduce how much debt you take on and have to pay back – as we

delisle worrell : central bank of barbardos – serving the nation welcome remarks by dr delisle worrell, governor of the central bank of barbados, at the frank collymore literary endowment awards, bridgetown, 7 january 2012. * * * in my introduction of professor cardinal warde, who gave last year ’ s sir winston scott memorial lecture, i paid tribute to the vision of the central bank ’ s first governor, sir courtney blackman, who recognised that the bank was more than a financial institution ; it was an organic part of the society and its culture, in its every dimension. governors that followed him have remained faithful to that vision. if anything, over the years we have fortified our vision of full involvement in the culture and intellectual life of our country. as you may have heard, the bank has set out to become a centre of emotional intelligence, and to guide our behaviour accordingly. emotional intelligence speaks to the realisation that the organisation is its people, and its performance requires sensitivity to their humanity and aspirations. our consultant in this endeavour, eliseus joseph, recently referred me to an article in the nov 2011 issue of the harvard business review entitled “ how great companies think differently ”. one characteristic of great companies, those who endure and thrive over the years while others fail, is said to be “ concern for public 2 issues beyond the boundaries of the firm,... consider ( ing ) societal interests along with their business interests ”. what we have come to understand is that the central bank is a community of individuals, serving the wider society that is the nation, and we must serve the nation in whichever ways our resources and varying talents permit. our mandate is economic and financial policy, but we do not conduct those policies in a vacuum ; we are to advise on policies for the betterment of the barbadian society, and all its members. as i have been at pains to emphasize on more than one occasion, the outcome of any policy action depends on the individual responses of every producer and every consumer. that is why the bank, and all of us who work for the bank, must be fully involved with the life and culture of our society. the fcle awards must therefore be seen as an essential part of our life and work at central bank of barbados. i want to say a special thanks to the endowment committee, so many of whom are personal friends, for their sterling work over the years. we have made this small award an institution,