Author Archives: JN Foundation

Some 1,000 Jamaicans are being targeted to promote positive credit habits and overall good financial management habits through a series of training and engagement activities organised by the JN Foundation’s Financial Academy.

Rose Miller, lead for the Financial Empowerment programmes at the JN Foundation noted that three workshops will be hosted across the island to raise the level of financial literacy about this very vital tool, which, if used correctly, can build generational wealth.

The workshops are the first training sessions being offered by the newly established JN Financial Academy, which is aimed at empowering Jamaicans to achieve financial freedom by providing information, training and mentorship.

The sessions will be held virtually on November 3, 17 and December 1. Persons who wish to improve their understanding of credit products and develop better financial habits are invited to visit the JN Foundation website, www.jnfoundation.com and register to attend one of the three workshops.

“One of the issues we will explore at the workshop is smart management of existing debt obligations,” Mrs Miller noted. “Servicing loans, paying bills and honouring debt in a timely manner is important to nurturing responsible habits when it comes to borrowing money.”

‘Get Smart About Credit’ day, is a good time to challenge oneself to improve one’s credit score through better management of debt, she suggested.

Noting that many persons underestimate the importance being organised plays in managing their debt, Mrs Miller explained that when bills are kept in order and a system of payment established, the chances of missing a payment would be lower. This, she said, is important as overdue payments can be costly and also negatively affect one’s credit score, which is determined by consumption of credit products as well as payment history on bills and loans.

“You can repair or build a good credit score over time, by setting up a payment system to effectively manage your obligations. A simple way to get organised is to create folders for both electronic and physical bills and also setting payment date reminders,” she suggested.

She also pointed out that payment history is often tracked by financial institutions and credit bureaus.

“When a payment is missed, it’s reported by your creditor (the institution you owe), and the report they provide to the bureaus will affect your score almost immediately. Therefore, paying on time is a habit that you should develop and practise all the time.”

Mrs Miller emphasised that it’s important for people to develop the ability to identify and prioritise needs over wants at an early stage in their lives. This, she said, means making sure that all necessary obligations are taken care of first, and credit is used only when absolutely necessary. 

“Failure to prioritise needs over wants often leads to excessive indebtedness. We have to learn to borrow for productive reasons only,” she suggested.

She offers the following tips to help persons get smart about credit:

• Consider whether it is a good time to take on debt
• Ensure that your budget can comfortably accommodate the additional monthly obligation
• Examine how an additional loan will impact your financial security in the long run
• Consider whether there is an alternative to getting into or increasing your debt
• Make sure you have an emergency fund – you may have to turn to it to avoid late payments and the corresponding consequences like late fees and damage to your credit score
• Ensure that you read, understand and accept all the terms and conditions of the loan

“Understanding the terms and conditions of a loan is critical to being smart about credit. You have to know what you’re getting into,” she continued. “These are some of the things we will explore at our workshops. And, we will delve into other topics such as approaches to calculating interest on loans. It is not to be missed.” Mrs Miller asserted.

Get Smart About Credit Day is observed annually every third Thursday in October, falling on October 20 this year and was launched by the American Bankers Association in 2003.

Although Kasi Abbott, a first form student of Knox College in Manchester, has known for weeks that she is one of 47 students to be awarded the JN Foundation Primary Exit profile (PEP) Scholarship for 2022, she remains just as elated, as if she had only received the news yesterday.

“I feel like my hard work in PEP paid off. All the studying and preparation that I did have been rewarded with this scholarship that I received,” she said. 

The 11 year-old was among the 47 accepting their awards at a celebratory ceremony on Sunday (October 2) organised by JN Foundation at the Terra Nova All Suite Hotel in St. Andrew to recognise the achievement of the youngsters who came from across the country.

Held under the theme, ‘Reignite the Greatness in You’, Claudine Allen, general manager of the JN Foundation, urged the pre-adolescents to strive for “greatness.”

“As you embark on your educational journey, which will also help to mould your character, I urge you, all 47 of you, our scholars, to believe in yourselves and your ‘greatness’ and strive for excellence, just like Nelson Mandela did,” she charged.

Parris Lyew-Ayee, chairman of the JN Foundation, who also addressed the recipients, said that since 1983, The Jamaica National Group has been supporting the educational pursuits of hundreds of young people at both the secondary and tertiary levels. “This year we received close to 400 applications for the Primary Exit Profile (PEP) Scholarships. Unfortunately, we were unable to meet the needs of all the applicants, however,

fortunately, this year, we are introducing 10 one-time offer grants through, JN Money Services Limited,” he revealed.

Mr Lyew-Ayee underscored that an educated population is important to nation-building and economic growth and, therefore, investing in education should be priority.

Referencing the development of Japan after World War II and the emergence of Taiwan, he demonstrated how prioritising education can transform the fortunes of a nation. 

“The Japanese people committed themselves to building a first-class education system. The result was decades of impressive economic growth, during which Japan became an economic powerhouse and the world’s third-largest economy,” he said.

“We can become a great nation if we focus on building an educated population, and that is why the JN Foundation, in its own way, takes seriously its contribution to ensuring that our nation’s children are not denied an education,” he said.

The JN Foundation chairman disclosed that the Foundation will be recalibrating its scholarship programme, to further strengthen its relationship with its scholars. This he said included rolling out a mentorship programme to create a space where the scholars can interact with The JN Group senior leadership team.

“We encourage our scholars and parents to look out for this and other exciting initiatives and events that will be specifically catered with you in mind. Some of the other activities will include career development, networking among JN scholars as peers and financial literacy sessions, through our very soon to be launched, JN Financial Academy,” he said.

Ruth Lawrence, youth empowerment specialist, entrepreneur and author was guest speaker at the function and encouraged the recipients to “dig” for success.  “Young people your vision is not too big to achieve if you set your mind to it. Get your vision board and set it up. Believe in yourself that you can do it,” she said.