The Financial Literacy and Financial Inclusion Survey commissioned by the Eastern Caribbean Central Bank (ECCB) revealed that St Vincent and the Grenadines has the lowest levels of financial literacy among eight territories in the Eastern Caribbean Currency Union (ECCU).
The survey assessed financial knowledge, behavior, and attitudes, and found that urgent action is needed to address the low rates of financial literacy and inclusion in the ECCU. The Governor of the ECCB called for a strategy to scale up financial literacy, which would lead to an improvement in financial resilience.
The main issues with financial literacy in the Eastern Caribbean Currency Union are the low rates of financial literacy and inclusion. The Financial Literacy and Financial Inclusion Survey conducted in eight territories in the ECCU revealed that financial literacy rates are low, evident in the high number of persons who fall victims to scams offering prizes for competitions in which they were never registered.
The survey also revealed that only 3 in 5 adults met the minimum target score for financial behavior, only one in two adults met the minimum target for financial knowledge, and only one in five adults met the minimum target for financial attitude. The Governor of the Eastern Caribbean Central Bank (ECCB) stated that urgent action is needed to address the low rates of financial literacy and inclusion in the ECCU.
The average financial literacy score amongst the countries assessed in the Financial Literacy and Financial Inclusion Survey conducted in eight territories in the Eastern Caribbean Currency Union (ECCU) was 12.2.
