KINGSTON, Jamaica — Alando Terrelonge, the Member of Parliament (MP) for St. Catherine East Central and representative of the Jamaica Labour Party, is championing the cause of financial literacy in Jamaica’s high schools. During his address in the 2024/25 State of the Constituency Debate in the House of Representatives, Terrelonge stressed the importance of equipping students with the financial knowledge they need to navigate an increasingly complex economic world.
The MP expressed concern that many Jamaicans, including university graduates and civil servants, face significant challenges when it comes to managing their finances. “This challenge often begins early, where individuals lack essential financial skills simply because they were never taught these concepts in school,” he remarked. “We must break the cycle and empower our youth with these life-changing skills at the high school level.”
Terrelonge cited successful models from countries like Norway and the Netherlands, where early financial education has had profound effects. “Norway has made financial literacy a cornerstone of their curriculum, with strong backing from the national bank. Similarly, the Netherlands emphasizes practical financial knowledge, focusing on concepts like credit and debt management from a young age. Both nations have seen great results, with citizens more capable of managing their money and avoiding common financial traps,” Terrelonge explained.
Highlighting the growing importance of financial literacy as Jamaica’s economy strengthens, Terrelonge emphasized the need for proactive solutions. “As the nation’s economy expands, we must ensure that every Jamaican has the tools to manage wealth and make informed financial decisions,” he stated.
The MP proposed a national initiative to introduce financial literacy as a core subject in high schools across Jamaica, teaching students vital topics such as budgeting, saving, understanding interest rates, and investing. He believes that by integrating these lessons into the national curriculum, students would be better prepared for their futures, avoiding common pitfalls like debt and poor financial planning.
Terrelonge concluded by stating that financial literacy should not just be a personal skill but a cornerstone of national development. “By embedding financial education into our school system, we’re not just fostering individuals’ abilities to manage money; we’re laying the foundation for a financially independent and resilient nation.”
