Updated: May 24
Financial literacy plays a crucial role in empowering individuals to make informed financial decisions. Recently, in celebrating Financial Reality Month, Gateway Cooperative Credit Union organized an event dedicated to enhancing financial literacy, featuring insightful presentations on "Understanding Your Credit Report" by Mr. Christopher Brown of Every Data Limited (formerly Credit Info Jamaica) and "Accessing an NHT Mortgage and Retirement Planning" by Mrs. Tameka Hart from the National Housing Trust (NHT). These presentations provided valuable insights into credit reports, accessing mortgages, and retirement planning. By sharing this knowledge, the event aimed to equip attendees with the necessary tools to navigate the financial landscape.
Understanding Your Credit Report: Insights from Mr. Christopher Brown
During the event, Mrs. Nicole Haughton-Johnson, the Marketing and Communications Manager at Gateway Credit Union, highlighted the importance of financial literacy and introduced the speakers. Mr. Christopher Brown, drawing upon his extensive experience in Jamaica and the Caribbean, shed light on the significance of credit bureaus in developing economies. He explained that credit bureaus, once primarily associated with developed societies, have experienced remarkable growth in developing countries since the World Bank commissioned a study in 2005. This growth has contributed to the integration and strengthening of financial systems globally.
Accessing an NHT Mortgage and Retirement Planning: Mrs. Tameka Hart's Expertise:
Mrs. Tameka Hart, from the National Housing Trust, focused on accessing NHT mortgages and retirement planning. She emphasized that becoming a contributor to the NHT is essential for benefiting from their services. Mrs. Hart highlighted the role of the NHT in increasing and enhancing housing stock in Jamaica since its establishment in 1976. She explained how contributions can assist individuals in purchasing homes or land, and outlined the eligibility criteria for applying for an NHT mortgage.
Financial Empowerment and Gateway Cooperative Credit Union:
Gateway Cooperative Credit Union, aligned with the global celebration of Financial Literacy Month in April, aimed to create awareness of the significance of financial literacy. The event provided attendees with valuable knowledge, enabling them to make informed decisions regarding their credit, homeownership, and retirement. By organizing free financial education webinars, Gateway Cooperative Credit Union is actively working towards empowering individuals and fostering a financially literate society.
In conclusion, the sessions organized by Gateway Cooperative Credit Union successfully brought together experts to enhance financial literacy among attendees. The presentations by Mr. Christopher Brown and Mrs. Tameka Hart offered valuable insights into understanding credit reports, accessing NHT mortgages, and planning for retirement. Disseminating this knowledge contributed to empowering individuals to make informed decisions about their financial well-being. Gateway Cooperative Credit Union's commitment to promoting financial literacy is commendable, as it paves the way for a financially empowered society.