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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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United Nations Secretary-General’s Special Envoy for Road Safety Jean Todt has recommended that all helmets imported into Jamaica are certified.

Todt, who is also the president of the Federation Internationale de L’Autombile (FIA), made the recommendation recently, while on a tour of the Hazard Primary School in Clarendon.

It is the first school to benefit from the “X Marks the Spot” Crosswalk Road Safety Campaign, which is being implemented by JN Foundation, in collaboration with funding organisations, UNICEF, the FIA Foundation, and the Abertis Foundation, based in Spain.

“I would encourage you to ensure that all the helmets which are sold in Jamaica are homologated,” he said.      

The FIA president was in Jamaica attending the Caribbean Road Safety Workshop, which was held at the Inter-American Development Bank (IDB) office in Kingston. The event was co-organised by the National Road Safety Council, the United Nations Economic Commission for Europe, the United Nations Economic Commission for Latin America and Caribbean, the IDB and the Pan-American Health Organization/World Health Organisation.

Since the start of the year, 269 persons have lost their lives in 244 road crashes across the country. Of this number, motorcyclists accounted for the highest demographic, with 82 persons.

Todt pointed out that every year, citizens in countries such as Jamaica, are affected by disabilities resulting from road crashes, which he said, can be prevented through education and enforcement of the law.

The FIA president also commended the work being implemented by the JN Foundation and UNICEF at the Hazard Primary School, which benefited from the construction of signage for bus lay-bys, pedestrian gates and the widening and paving of sidewalks, under the X Marks the Spot Campaign.

Onyka Barrett Scott, general manager of the JN Foundation, said the campaign will continue with the upgrading of 17 other schools, during the next three years.

“More recently, in 2018 and continuing to 2021, through our partnership with UNICEF, we are in the process of identifying 18 schools, and Hazard Primary School was the first. We will make critical infrastructural changes in the schools zones, to ensure that children are safer on their way to school and back home,” she said.

Barrett Scott outlined that these improvements will range from constructing bus stops, erection of bus lay-bys, installation of speed taming mechanisms, painting pedestrian crossings or de-bushing, to name a few.

Mariko Kagoshima, UNICEF Representative in Jamaica, stated that her organisation was happy to be part of the “X Marks the Spot Campaign.” And, she pointed out that, globally, road traffic injuries are the leading cause of the death of children and young people, from five to 29 years.

“In Jamaica, an average of three children are killed each month, as a result of road traffic accidents, and that is three too many,” she pointed out, “And, many more children suffer devastating injuries from road crashes.”

Kagoshima said that a UNICEF Poll, conducted in 2018, revealed that 70 per cent of children do not feel safe on the road; and 40 per cent want penalties to be enforced for those who drive recklessly.

Sonia Thomas, vice principal of Hazard Primary School, expressed gratitude for the improvement, which she said has not only made the students safer but, has also instilled pride in them.

Thomas said more parents in the community now perceive the school as the first choice for their children as a result of the improvement to the school.

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The JN Foundation is encouraging all Jamaicans to donate to the Jamaica National Children’s Home, through a Relief Account, which has been established by the Foundation, at JN Bank.
The Jamaica National Children’s Home was gutted by fire on Friday, August 9 resulting in the displacement of some 44 children.
Onyka Barrett Scott, general manager of the JN Foundation, called the displacement of the children at the facility is unfortunate; however, she was thankful that no lives were lost, as a result of the fire.
“We are, therefore, encouraging members of the public to join with the JN Foundation and The Jamaica National Group, to assist with the recovery efforts, which are underway for these needy children, who have been displaced as a result of the fire,” she said.
Mrs Barrett Scott stated that members of the public can make their donations at any of the 35 JN Bank branches across the country, to account number 2094267610.
The general manager of the JN Foundation, said that persons may also donate needed items such as: mattresses, clothing, and toiletries, at offices at the Child Protection and Family Services Agency, in each parish.
The Jamaica National Children’s Home was established in 1973, as a branch of Britain’s National Children’s Home. The facility provides care and protection for children rescued from poverty and neglect.
Last year, the JN Foundation made a similar appeal for the Walker’s Place of Safety, which was also gutted by fire.
“That appeal was a success,” Mrs Barrett Scott reported, “And, it is our hope that this initiative will also achieve a similar response.”

Amid worldwide rising temperatures, caused by climate change, one scientist is advocating for the use of more renewable energy and water-adaptation measures to address the challenge of climate change.
Professor Michael Taylor, director of the Climate Studies Group, Mona, and dean of the Faculty of Science and Technology at The University of the West Indies, is challenging the financial sector to use renewable energy by providing incentives to move in this direction.
The expert in climate change science in the region made the call amid the heatwave which has struck the country and other parts of the world since the start of the summer. Professor Taylor assessed that to mitigate change, greenhouse gases must be reduced.
“The point is, greenhouse gases have been going up, and that is why we are warming. One of our first course of action is, how do we slow the rate? We have to decrease greenhouse gas emissions,” he maintained.
Professor Taylor said cutting back on greenhouse gases for the Caribbean includes turning to renewable energy. This means being even more ambitious as it relates to renewable energy, where the target has to be increased from 30 per cent of renewable energy in our grid to 50 per cent.
“Individual persons, such as you and me, can be given incentives to go renewable by being offered very low interest rate loans on, for example, PV systems, to encourage us in our move towards renewable energy, and because it directly helps the climate change problem,” he said.
“Renewable energy use is something tangible which we can do in mitigating climate change; and I’m challenging the financial sector to step in and do things to facilitate this even more,” he added.
Adaptation Measures
A coordinating lead author of the Special Report on 1.5 Degrees to Stay Alive, Professor Taylor said adaptation measures should also be implemented to deal with climate change.
He noted that every sector must consider adaptation. Turning to the water sector, he said, storing, recycling, recapturing, reusing and transporting water from where it is to where it is needed, as well as getting new sources of water, are areas where the focus should be.
Concurring with Professor Taylor on adaptation measures, Onyka Barrett Scott, general manager of the JN Foundation, said that with the country experiencing drought conditions, Jamaicans should conserve water and implement measures that will assist in saving the precious commodity.
“The JN Foundation, through its Water Project, is encouraging Jamaicans to make necessary changes to save water. These changes include the use of general conservation practices and considering the installation of water-saving devices, such as high-efficiency showerheads, low-flush toilets, kitchen and bathroom aerators,” she informed.
Barrett Scott noted that given the drought situation, it would be prudent for everyone to implement practical measures; use less water; and inspect all pipes, toilets and faucets for leaks.
“Replace inefficient fixtures with water-saving devices, which are either water-sense labelled, or use 20-25 per cent less water than standard units,” Barrett Scott advised.
She said the JN Foundation, through the Water Project, has partnered with JN Bank to facilitate the on-lending of funds for the integration of water-adaptation measures in new housing stocks.
The loan product, which will be on the market soon, will allow persons to access this loan to facilitate the installation of water-saving measures; and technologies that would not otherwise have been purchased. The installation will reduce water demand and improve supply, thereby allowing householders to save on their water bills and build climate resilience.
“Developers and construction companies will be able to tap into this component and make decisions about specific water-efficiency systems,” Barrett Scott informed, noting that,“Eligible water-adaptation measures include water-efficient toilets, showers, taps, washing machines, dishwashers, and baths; rainwater harvesting systems, grey water recovery and reuse systems; as well as, outdoor water-saving technologies.”

For Elloreece Burrell, a Jamaican living in Tampa, Florida in the United States of America, touring the Mustard Seed Communities run Jerusalem Children’s Village in Spanish Town was both a touching and enlightening experience.

The retired nurse, who does Outreach Ministry to Jamaica annually, was a member of the Diaspora team, who toured the children’s village during the Diaspora Day of Service, on the final day of the 2019 Diaspora Conference.

“Coming on this mission was revealing for me. It made me realise that there is so much to be done here; however, organisations, such as Mustard Seed Communities, have been helping those who are in need.  The facilities show that there is an attempt to care for the children living here; and that they are trying to be self-sufficient through various agricultural projects, while helping others. It warmed my heart to see this,” she said.

The agricultural project, which Mrs. Burrell spoke about, is the farm located on the property of the Jerusalem Children’s Village. The farm currently produces approximately 3,000 eggs per day, which are sold to hotels, supermarkets and surrounding communities. The Mustard Seed Farm also harvests Tilapia fish, raises broiler chickens and grows cash crops. There is also a recently established apiary for the production of honey.

“Our farm produces close to a million eggs per year. What we do is to credit our members of staff with the eggs, which they sell in their communities. They give us the money for the eggs and keep the profits,” explained David Silvera, Business Development Officer at Mustard Seed Communities.

“In respect of our Tilapia fish, we have 10,000 fingerlings which we will harvest, from each of our two ponds and sell every six months, to persons in the surrounding areas.

The Jerusalem Children’s Village currently houses some 160 persons, including adults with disabilities.

“Everything that we earn from these ventures goes back into the care of our residents. We have received a lot of help over the years; but, it was the SEBI project which helped us in our journey towards self sufficiency,” Mr. Silvera explained.

The Jerusalem Children’s Village was also a part of the Social Enterprise Boost Initiative (SEBI), an initiative developed by the JN Foundation and the United States Agency for International Development (USAID). The aim of SEBI was to transform social enterprises into efficient businesses; support and facilitate an enabling environment to fosters their growth; and increase public awareness, interest and support for those operating within the social economy.

“The JN Foundation has been a strong supporter of the Mustard Seed Communities social enterprise programmer, since the initial start of SEBI,” Mr. Silvera said. “We have grown leaps and bounds, because of the assistance that we received from JN Foundation, which has helped us to sustain ourselves.”

Mrs Onyka Scott-Barrett, general manager, JN Foundation said that Mustard Seed provides a valuable service to the community.

“Mustard Seed Communities was one of the social enterprises in the SEBI incubator programme, and it graduated into the accelerator programme. A few years from now, we will be talking about them, because of their earning potential and the fact they are doing well on their own.  We are proud of them and will continue to support them as much as possible,” she said.

Mr. Silvera believes that Mustard Seed Farm still has room for further growth.

“We have the honey project that has recently come on stream, which will help us to be even more sustainable. Therefore, we are excited about what it will do for us, in terms of additional revenue, which will also assist those in our care,” he stated.

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As Jamaica joins the rest of the world in observing National Insurance Awareness Day on June 28, one financial planning expert, is using the opportunity to remind Jamaicans about the importance of insurance to their overall financial success.
Rose Miller, grants manager at the JN Foundation and Head of the JN BeWi$e financial empowerment programme, said insurance coverage among Jamaicans, remain woefully low.
“The low figures are not only in relation to life insurance, but all types of insurance, including health, motor vehicle and peril,” she said.
As it relates to health insurance, data from the Ministry of Health show that only 20 per cent of the population currently has health insurance. Eleven per cent of that figure are government workers, and nine per cent are persons employed in the private sector.
According to the Insurance Association of Jamaica, individual life insurance rates are slightly higher, with just about 28 per cent of the workforce having coverage.
“What this means is that it leaves a significant majority of our population extremely vulnerable, with many persons being unable to withstand any possible unforeseen event,” she said. “Accidents and illnesses that put you out of work or possibly cause disability, cannot be predicted.”
Mrs Miller noted that one of the major benefits of insurance is to provide persons with a layer of protection to guard against harsh blows from unfortunate, unexpected disasters.
She pointed out that major illnesses and deaths are devastating for families, especially if it is the chief breadwinner of the family who is affected.
“We have seen this happen in many cases, where households are severely retarded and persons set back years financially, because a family member becomes ill and they are forced to spend all their life savings on health care. Sometimes the person dies and there is no financial protection for the loved ones, who are left behind, because there was no life insurance,” she said.
Mrs Miller noted that part of what is needed is a culture change among Jamaicans, as it regards the importance of insurance, pointing out that this is possible with increased financial education.
“The first thing that many people will tell you is that they don’t have money for insurance, but what they don’t realise is that having insurance, in many instances, actually provides income when here is a covered incident, and prevents you from depleting your savings or forcing you into debt to take care of that incident,” she said.
“We must raise the awareness among our population, to the point where persons will begin to understand that insurance is a critical plank in building wealth and becoming financially secure,” Mrs Miller emphasised.
She said insurance has three main purposes. It can be used to create, preserve and transfer wealth.
There are several types of insurance, namely, life, health, motor vehicle, critical illness, property, liability, flood, and travel, among others.

Benefits of Insurance
• You will be better prepared for an uncertain future
• You will have some assistance to bounce back after a disaster
• The risk is shared – you are not carrying it all on your shoulders
• May also be used to provide income during retirement

General Advice
• Pay a little bit today for insurance to avoid paying a lot tomorrow when serious damage occurs 
• Never stop paying the insurance premium, because insurance is usually no longer valid if you haven’t made payments 
• Get life insurance when you are young, you will get more coverage for less
• Make sure that each bread-winner has some amount of insurance coverage
• Read through the policy thoroughly to familiarise yourself with the terms and conditions
• Review your insurance policies periodically
• Do some research to find out what’s available and compare benefits and premium before purchasing a policy