Financial education is vital during these troubling economic times, says Central Bank Governor Cleviston Haynes.
During the Barbados Association of Insurance and Financial Advisors virtual monthly meeting on Friday, he said Barbados was undergoing financial system reform by going more digital and moving away from cash.
He said it was important for financial advisers to help keep the public abreast of the changing dynamics of finance.
“Education is very important as we adopt new [financial] instruments and it is important we improve our ability to educate the public. Not everyone is financially savvy, and often there is a fear of using new instruments, particularly for the older folk and I think as financial advisers, you are in a position to reach out to your clientèle, some young and some not so young, and you have an opportunity . . . to share information on these instruments,” he said.