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In a bid to build local capacity to design and install a variety of water-efficient measures in the housing sector, the Jamaica National Group, in collaboration with the Inter-American Development Bank (IDB), has launched a 16-week training programme about rainwater harvesting and grey water recycling.

The training programme, which was officially launched on September 11 at The Jamaica Pegasus hotel, will benefit developers, architects, engineers, practising designers, and builders, as well as implementers of rainwater harvesting and grey water recycling systems.The training is being offered through the JN Water Project, which is being managed by the JN Foundation and was designed to address water-management issues, primarily related to climate change. The project, which commenced in March 2017, is a four-year collaboration among the JN Foundation, JN Bank, the IDB, the Climate Investment Funds, and the Pilot Programme for Climate Resilience.

Onyka Barrett Scott, general manager of the JN Foundation, said that the training initiative will seek to drive behaviour change in building practices and encourage a new approach to how we build houses to cope with new climate realities, particularly fluctuations in water supplies due to extended periods of drought.

“It is also aimed at householders. Whether we own the home or not, we are able to practise certain conservation measures at our places of abode, and the overall combination of those actions helps to promote a better response to climate change, which we are now facing,” she said.

COMMENDABLE INITIATIVE
Therese Turner-Jones, general manager and country representative for Jamaica at the IDB, said that it was commendable that the private sector was being engaged in this way through the training initiative.

“Bringing developers together on this particular issue and having JN and the IDB as partners on this project is significant because we are moving beyond the theory of why we need to be doing this,” she said.

Robert Stephens, consultant on the Water Project, said that the objectives of the training for participants are to develop an appreciation for rainwater harvesting and grey water recycling, identify characteristics and the mistakes that can be made, and identify how to avoid these mistakes in building out the systems.

He said that they will be taught how to design and implement rainwater harvesting systems, in addition to costing those systems. The training programme will also examine the components of rainwater harvesting systems, the water-saving devices that can be implemented by homeowners to save water, and factors that affect water quality and water standards.

The course will be delivered weekly via face-to-face sessions and online. The class sessions will be held from September to December.

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Not being financially literate can be costly, Rose Miller, grants manager at the JN Foundation and head of the JN BeWi$e financial empowerment programme, says.

She noted that while there was no available data about the cost of financial illiteracy in Jamaica, information from the National Financial Inclusion Strategy (2016-2020) said financial literacy was low; and many Jamaicans do not understand some basic principles to better manage their personal finance.

In 2012, a demand-side financial capability survey was implemented by the Financial Services Commission (FSC) in partnership with the Organisation of Economic Co-operation and Development (OECD). That survey revealed that while the level of financial literacy among Jamaicans is comparable to persons in other countries in most areas, there is room for significant improvement.

For example: in basic financial knowledge, in terms of the time value of money; identifying and calculating the impact of interest compounding on savings; and behaviours, such as short-term money management.

Miller emphasised that “being financially illiterate can be expensive, because not only will you not see opportunities, but others who do will not hesitate to take advantage of your ignorance.”

She added that poor money management leads financially illiterate persons to pay exorbitant interest fees to “payday lenders” with high interest rates.

FINANCIAL BIND
That was the case of Gary Gregory (name changed on request), a communication specialist who found himself in a financial bind and needed a quick loan to address an emergency.

“It was the beginning of my nightmare,” Gregory lamented. “I ended up paying three times what I borrowed because the interest rate was ridiculous. I wished that I had read the fine print prior to entering into such a loan agreement.”

However, Tanya McKenzie (name changed on request), who was more exposed and financially literate, was able to save thousands of dollars when she decided to purchase a refrigerator she needed with her credit card, rather than taking it out on hire purchase.

“I would have paid triple the cost if I went the hire purchase route, instead of using my credit card to make the purchase,” she informed. “It took me two months to pay off my credit card, as opposed to 18 to 24 months, had I opted for hire purchase.”

Miller commended McKenzie for her prudent financial decision, pointing out that this was an instance of someone using their credit card wisely.

She advised, “That access to credit cards represent funds loaned to you by a creditor to make purchases and pay the bill at a later date. You can avoid paying interest and racking up a debt, which you will later struggle to repay, by paying your bill in full, on time, all the time.”

Miller also explained that it was important to select the right credit card, one which is suitable for your needs; in addition, one should read and fully understand the terms of the agreement.

“Utilising a credit card helps you save your money and use funds loaned to you; it is also a good tool in cases of emergency,” she added.

However, Miller noted that being financially literate takes some effort. She said each person should seek to improve their knowledge about financial matters, such as: investing and the various options available, estate planning, how credit cards work, credit scores, saving for the future, real estate, insurance and planning for retirement, among others. “This area is as wide as the ocean,” she quipped.

“Do not attempt to understand all of these topics at one time,” she added. “Rather, tackle one topic at a time and be committed to continuous learning. Start with the subject you are most interested in learning about; and, then move on to another, and another, and gradually build a solid foundation of financial know-how.”

Some other practical ways to improve financial literacy, she stated, would be to take a financial literacy class, which could be a short course about how to manage your finances, watch videos and access many other financial resources online.

Miller informed that today, the media is also a great source of information to improve one’s financial IQ. “Persons can learn effective money management strategies from local radio and television programmes; through print media; and online, via financial websites.”

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Rose Miller, grants manager, JN Foundation, has urged entrepreneurs to take responsibility for their financial education as this would improve their capacity and broaden their options for investing in areas such as stocks and mutual fund while diversifying their investment portfolio and increasing their potential to generate wealth.

Miller, who also heads JN BeWi$e Financial Empowerment Programme, was one of the presenters at the Business Mentorship and Accelerator Programme Workshop hosted by JN Small Business Loans (JNSBL) at the St James Methodist Church in May Pen, Clarendon, recently. The workshop focused on financial planning, record keeping, marketing and cash flow management, goal setting and preparing business plans.

“Approximately 15 per cent of Jamaicans own stocks and shares. Unfortunately, that figure is low because investing in stocks can be a game-changer to help you on your journey towards financial independence. However, many persons do not invest because of ignorance or fear,” Miller said.

“We need to take time out to increase our knowledge and learn about the various investment options that are available. Listen to radio programmes, read books or articles in the newspapers, watch videos on YouTube, all of which will enhance your knowledge about investing and enable you to be more comfortable about these types of investments,” she said.

She added that entrepreneurs who are unsure of how to invest, should speak with a broker or an investment adviser, who will guide them through the process and decide which approach and what type of investment is best for them.

ADVANTAGE OF ALTERNATIVES
“Some of you may not have the time, or are afraid of the risks associated with purchasing shares directly. The alternative is to open an account with an investment firm, such as JN Fund Managers, who employ trained professionals to manage the funds on your behalf via their suite of mutual funds. When you invest in mutual funds, you actually have ownership in several of the companies listed on the stock exchange,” she explained.

The grants manager told participants that they should take advantage of opportunities presented by initial public offerings, as this is a good entry point to start building your portfolio. However, investors must be prepared to wait for gains, which sometimes may not materalise until the medium or long term, although it is possible to get some appreciation in the short term.

“For example, if you had invested in Wigton WindFarm shares, when it was offered at 50 cents per share, you could have made at least 25 per cent on the sum you invested,” she said. “If you had bought the Sagicor Select shares for $1, you would also have seen some appreciation. By not investing in stocks, you are missing out on significant opportunities to generate wealth.”

Jacqueline Shaw-Nicholson, communication and client services manager, JNSBL, explained that the workshop was hosted as part of a wider programme to provide financial-management support to its clients.

“The Mentorship and Accelerator programme is part of JNSBL’s thrust to provide meaningful support and training to our clients, to assist them to sustain and grow their businesses,” Shaw-Nicholson explained.

“MSMEs (micro, small, and medium-size enterprises) require support throughout their business journey. The support required will depend on where they are in their business life cycle. The clients at the May Pen workshop received well-needed guidance about good business and financial management techniques for growth, and how to market, as well as keep, proper records,” she said.

Shalena Collins, a sandal maker, said that she benefited from the information that was presented.

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For the next five years, the parents or guardians of 37 Jamaica National (JN) scholars should encounter a little less stress on their pockets after their charges turned out outstanding performances in this year’s Primary Exit Profile (PEP) examinations.

The students will benefit from five-year scholarships awarded by the JN Foundation.

All the recipients were recognised at a special PEP Awards Reception held yesterday at the bank’s Half-Way Tree Road location in St Andrew.

The scholarship awards have been ongoing since 1983 and have benefited hundreds of students at the secondary and tertiary levels.

This year, the theme was ‘Live In The Wow’, and dancehall artiste Agent Sasco was invited to deliver the keynote address.

ENDLESS POSSIBILITIES
“‘Live in the wow’ is not just about living, it’s about living a particular way, and I would imagine the ‘wow’ to me suggests that it’s something to ‘wow’ about. So you want to live a life that you’re going to ‘wow’ about, and the most important part of that to me is living the life that you will ‘wow’ about and not necessarily somebody else’s. So it’s not about living for people to ‘wow’ about your life,” Sasco said as he broke down the theme to the scholars.

He gave the youngsters tips about believing, success, and endless possibilities.

“I really would like for you to know that your dreams are the foundation of what can allow you to live in the ‘wow’, and don’t think of them as dreams or unattainable fantasies that you just dream of. I did that and somehow found my way in doing it because, I guess, once you dream enough and still entertain that idea that it is possible, it naturally becomes so,” Sasco told the JN scholars.

… RECIPIENTS EXPECTED TO REMAIN GOOD STUDENTS
Candace Ramsay, a 2014 JN Scholarship recipient who now attends St Andrew High School for Girls, recently attained nine Caribbean Secondary Education Certificate (CSEC) subjects, all with distinctions.

During her testimonial to the 2019 recipients, Ramsay said: “This scholarship made life a whole lot easier for my parents as year after year, my school fees were being covered, which meant that they had money for more important matters. ”

This year, the awardees were made up of three groups: the Parish Scholarship Recipients, JN School Savers, and JN Group Employees’ Children.

Lepert Thomas, grandfather of St Thomas’s top PEP student, Tiffany DeCambre, expressed his gratitude at seeing her being awarded for her hard work.

“I am grateful and I am expecting well of her,” Thomas told The Gleaner.

“I am expecting that she will hold up her end of the bargain; to continue being the good student that I know she is. She has been good. She is also the reigning Spelling Bee Champion for St Thomas two years in a row. This is another tick up for her, and I am expecting her to do great things.”

Tiffany, a past student of Airy Castle Primary, now attends Immaculate Conception High School and says she would like to become a veterinarian.

Phoebe Falconer (Clarendon), Annaliese Foster (Hanover), Ari East (Kingston), Ruthvick Goddendla (Manchester), Trae Wenden (Portland), Sebastian Wright (St Andrew), Tafari Jackson (St Ann), Joshua Thompson (St Catherine), Joel Williams (St Elizabeth), Anastasia Wainright (St James), Nathaniel Cohall (St Mary), Sanasha Green (Trelawny), and Tyra Reeves (Westmoreland) rounded out the JN PEP parish scholars who were identified by the Ministry of Education.

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With the new school year set to start in just a matter of days, Rose Miller, grants manager at the JN Foundation, is advising parents who are behind with their back-to-school shopping to “try not to stress”.

“It is easy to stress when you are behind on any task, but stress and panic will only make the situation far worse,” she said.

Miller, who is also head of the JN Bank BeWi$e financial empowerment programme, said the key is for parents to get organised and to start the process immediately.

“Though you’re shopping in a rush, you don’t want to overspend or to buy what you don’t need,” she advised.“Whether you’re starting out early or late, the principles to carry out your back-to-school shopping remain the same.”

She also noted that while the last-minute shopper might be working with very limited time, they are still in a position to take advantage of deals, and save on the cost of books and other school supplies for their children.

“Your first objective is to prepare a list and prioritise them, dealing with the most important items first; a budget should then be prepared. Uniforms and textbooks should generally be at the top of the list,” she stated.

SAVE MONEY
Miller advised that parents don’t have to buy everything new, simply because it’s a new school year.

“It may be advisable to examine the condition of the uniforms your child has now to see if they fit and in a condition where they can still be worn,” she stated. Based on this, parents can then decide whether new uniforms are required.”

She noted that the same rule can be applied to items such as lunch kits, school bags, shoes and igloos. “This is why it is important to not only buy quality products, so that they last a longer time, but to also teach children how to take care of the items, thus reducing the need to purchase the same items each year.”

As regards textbooks, Miller noted that if funds are tight and parents are unable to buy all the required books at once, they must speak with their child’s teacher to ascertain which of the books are most essential, as opposed to those that can be purchased at a later date.

“In this way, you will be able to ensure that your child has the most important books for the first few months of the school year,” she reasoned.

The JN Foundation grants manager added that when purchasing textbooks, parents should do their research, shop around, and try to access books, at the most affordable prices.

“Use the telephone or go online; and, you won’t waste time and gas driving around from store to store,” she advised. “Also, it is still not too late to ask friends and relatives to help you source used textbooks.”

Miller also recommended that saving for back-to-school expenses is critical, pointing out that parents should have started putting money aside months ago.

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