Uncategorized

The 2019 Jamaican Rhodes Scholar, Chevano Baker, is thrilled to be named this year’s recipient, as he sets to make a second UK-based study programme to pursue his PhD at the University of Oxford.
Baker is a former recipient of the JN Foundation/University of Birmingham Legacy Scholarship, where he pursued a masters in financial economics in 2016.
“I continue to beam with pride knowing that I have reaped the rewards of my hard work and dedication in academia, volunteerism, leadership and the performing arts by copping this most prestigious academic scholarship,” he said, reacting to the news of the scholarship.
The 23 year-old said that from an early age, living in a community with high levels of unemployment and limited opportunities for upward mobility, he knew he had to use education for social mobility.
“Furthermore, I have been blessed with parents who understand the value of education and the power it has to change lives. So, from a tender age I decided that I will use my education as the means to break the cycle of poverty in my family,” he said.
His encouragement to young people and anyone in general is to take the time to find their purpose, then use their passions and talents to fulfill the purpose, thereby impacting people in a meaningful way.
He also underscored the importance of hard work and pointed out that throughout his academic life, he has also been involved in extra-curriculum activities such as debating/public speaking, performing arts, mentorship, leadership and volunteerism, which have helped him to be a more rounded individual.
Chevano also commended The Jamaica National Group for playing a critical role in assisting him to achieve his educational dreams.
“Jamaica National has been an important part of my journey, having provided me with the JN Foundation Legacy Scholarship to study at the University of Birmingham. I am grateful for that opportunity because it afforded me increased knowledge that I am now using in my current role as a financial economist at the Bank of Jamaica,” noting that it also provided a rich and diverse experience, for which he remains thankful.
“Indeed, JN helped me to me find a way to contribute to Jamaica to become the 2019 Jamaican Rhodes Scholar,” he added.
He is excited to return to the UK though he will miss his family and close friends. He said his time in Birmingham was filled with inspiring and enlightening experiences where he was exposed to persons from diverse backgrounds and cultures, and he is confident he will have a similar experience at Oxford.

Dionne Rose l JN Corporate Communications

As Christmas fast approaches, Jamaicans are being urged to spend wisely in order to avoid compounding their debt during the Holiday Season, and position themselves to take advantage of improvements in the economy.
Grants manager at the JN Foundation, Rose Miller, who leads JN Foundation’s BeWise financial empowerment programme, acknowledges that personal debt management is a problem for many Jamaicans due to poor financial behaviours and practices.
“Jamaicans know that they should save, but knowing that they should save has not always impacted their habits of thrift and spending practices,” she said.
To avoid racking up a debt this Christmas, the JN Foundation financial literacy expert says Jamaicans should consider the following tips for managing their money during the Yuletide Season:
Invest your bonus!
Christmas is a good time for investing, Mrs Miller urges, as many people earn extra during the Holidays. Instead of blowing your bonus on gifts, a significant portion, if not all the extra cash can be invested.
“Consider placing those funds in a fixed or long term saving account, where they will earn higher interest; or in stocks, bonds; or other instruments offered by regulated financial institutions that will yield great dividends,” she counsels.
Persons may also use their bonus to finance some, if not all, of their debt, she recommends.
Create a budget and stick to it!
“Create a budget specifically for your Christmas spending and stick to it!” Mrs Miller advised.
“There are many things you may want or need; or even causes you would like to support; or parties you would like to attend. However, you need to prioritise; and budget only for those items and activities, which you actually need,” she said.
And if you use a credit card as your main method of paying for goods services, use it in accordance with your budget, she maintained.
“Remember your credit card is a loan, which carries a very high rate of interest; and interest will be accrued immediately after the due date. Therefore, spend only what you can afford; and, most of all, settle your balance before the due date; or, as soon as you can, to avoid paying interest,” Mrs Miller recommended.
She notes, however, that using a credit card to pay for items can be advantageous to consumers, as it reduces the need to walk around with cash, which can be unsafe and support impulsive spending. In addition, some credit cards offer “cash-back” points, once you clear your monthly bill on, or before the due date.
“And, using your credit card instead of your debit card, also means that you avoid paying point-of-sale fees on your purchase. Those fees may be low, but they can add up and affect your budget,” she says.
Be creative with your gift ideas!
And, gifting does not have to be a spending spree, Mrs Miller said.
She suggests that instead of rushing to purchase gifts, people should consider creating their own gifts using their skills. Purchasing or creating gifts that can be shared by more than one member of the household, instead of providing individual gifts, is another idea to consider.
“It saves time and money, as you don’t need to shop for every single person.”  And “Very often the gifts you create aren’t only less expensive, but they are more meaningful than items you buy in a store,” she said.
Let everyone contribute to Christmas dinner 
Not even Christmas dinners and parties need be costly, Mrs Miller noted.
“So you’re hosting the annual Christmas Dinner or party, but why do you have to do all the spending?” she questioned. “Reduce your costs by spreading it around. Ask family and friends to take bottles of whatever they like to drink; or, to purchase a few of the items you will need, such as desserts or ingredients for cooking.”
“Invest and spend wisely. You will have a merrier Christmas and a brighter New Year for it,” Mrs Miller concludes.

See the original article here!

Housing developers are being urged to use water adaptation systems, and to install mechanisms to harvest and recycle rainwater for use in new housing developments.
This is the charge given by the Jamaica National Group’s Water Project Jamaica during a presentation to members of the Jamaica Developers Association, JDA, at a recent members meeting.  The meeting was held at the Private Sector Organisation of Jamaica’s (PSOJ) headquarters on Hope Road in Kingston, on November 6.
Speaking with members of the JDA after the event, Water Project Manager Jacqueline Cameron noted that despite challenges with our water supply, Jamaica has had the luxury of using clean, drinkable water in all areas of our household.  She therefore stressed the need for harvested rain water to be reused in common areas and for flushing toilets. This she indicates is something that our developers and engineers will have to take into consideration as we build the climate smart Jamaica of the future.
Cameron also noted that the Water Project was created to address issues such as these as well as limited financing available for water specific projects in housing developments. “Having recognised this shortfall, the JN Water Project was developed, based on a partnership between: the JN Foundation, the Inter American Development Bank (IDB), JN Bank, Climate Investment Funds, the Pilot Programme for Climate Resilience, and the Multilateral Investment Fund” She noted.
“The great news for developers really is that through the JN Water Project, they will be able to access loans from JN Bank to install water adaptation devices” she explained. 
Probably most significant though is that the JN Water Project is the first project of its kind to be implemented in the Caribbean and globally by the IDB.
Robert Stephens, Demand Study consultant for the Water Project, while speaking at the Jamaica Developers Association meeting added “The IDB through the Water Project is looking at Jamaica to essentially set the pace for the rest of the Caribbean; and, the rest of the world, through this project. It has the potential to be up scaled, in terms of its applications, not only for housing, but in other areas, given changes in the market place. Therefore, it is important to begin to educate developers and home owners about the importance of saving water,”

“Climate change is affecting us severely. The fact is that, we need to increase the water resiliency in our housing developments; and, ensure that we use water efficiently, because the next possibility for war in the world could be about water,” he said.
Both Cameron and Stephens stressed the fact that  climate change has become more aggressive, pointing to longer droughts, heavier rainfall and an increase in the number of natural phenomena, such as hurricanes.
In March 2017 the IDB and The Jamaica National Group signed two cooperative agreements to provideJN Bank and the JN Foundation with funding to execute a four-year project called “Financing Water Adaptation in Jamaica’s New Urban Housing.”
This project seeks to enhance the country’s climate resilience through the use of water adaptation technology in the housing sector. The objectives are to facilitate the uptake of water adaptation measures in housing across Jamaica, including the use of rain water harvesting systems, water efficient taps and showers, low-flush toilets, efficient irrigation systems, grey water recycling facilities, and other relevant efficiency measures.

Contact:  Dionne Rose l JN Corporate Communications

Educator Heather Lyn drives past Hazard Primary School in Clarendon twice daily, a routine that has been the same for many years. But the other night she felt something different as her car drove over something.

“BOOM!”

“BOOM!”

This was no accident. She’d driven over the brand new rumble strips installed as part of the ‘X Marks the Spot’ road safety campaign. Over the next three years, the  initiative will make life-saving improvements to road infrastructure and crossings outside 18 schools across Jamaica.

The schools selected – of which Hazard Primary is the first – are some of the worst impacted by road traffic accidents that have killed more than 120 children on Jamaican roads over the past five years.

“Over the past two months I have seen the transformation that has taken place,” says Lyn. “Drivers who are using this road are very conscious that they need to slow down for our children to cross safely.”

Every child deserves a safe journey to school
X Marks the Spot is being implemented by the Jamaica National (JN) Foundation, with support from UNICEF, the FIA Foundation based in the UK and the Abertis Foundation based in Spain.

The recognition of road crashes as the leading cause of death globally for children over 10 years-old has led to the issue being placed as Target 3.6. of the Sustainable Development Goals – to halve the number of global deaths and injuries by road traffic crashes by 2020.

Hazard has had its share of challenges. “Brutal!” is how Richard Bell, who supervised the construction, describes the situation previously. “Now I feel 100% more comfortable. Before, there was never any control between the cars on the road and the kids crossing it.”

Living on the other side of the road, Bell himself has two children who have to cross daily to attend the school.

School community welcomes improvement
Speaking at the launch of the campaign, UNICEF education specialist Rebecca Tortello underscored why UNICEF became involved. “Getting to and from school should never cost a child his or her life or injury! We look forward to helping more school zones become safer for children and their parents and to increasing advocacy around this critical national and global issue.”

Further support is needed. Jamaica recently passed its revised Road Traffic Act but still has a few road safety conventions to sign.

The discipline of all road users remains a concern and the campaign will also work to encourage all persons – whether pedestrians or drivers – to take road safety more seriously. Speeding and riding without a motorcycle helmet, as well as transporting a child without proper child restraint, are among the most common traffic violations involving children.

“What we need to do is to teach the adults about safety in terms of their cars because sometimes police have to stop them about certain little issues. But those little things can create major accidents, so the most major thing is to teach the adults!” said Aaliyah Bell, a student of Jonathan Grant High School in St Catherine, the second school to be reached by X Marks The Spot.

The campaign is  informed by a recently completed Child Road Safety Assessment Report commissioned by the JN Foundation, with support from UNICEF. The report  provided baseline data that guided partners on where to focus the interventions and how best to improve the safety of children on roads as they journey to and from school.

Click here to see the original article!

Eighteen schools across the country are to benefit from physical improvements to their school zones road infrastructure over the next three years, which will be implemented by the JN Foundation’s “X” Marks the Spot Crosswalk Road Safety Campaign.

Parris Lyew-Ayee, chairman of the JN Foundation, made the disclosure at the unveiling of the upgraded infrastructure work done at the Hazard Primary School in Clarendon, on November 7, 2018, under the first phase of the “X” Marks the Spot Crosswalk Road Safety Campaign.

“The Campaign aims to encourage advocacy and discussions about road safety in schools and households; and to use the results of the Child Road Safety Assessment Report to identify other areas for the infrastructural interventions, which will include: the installation of crosswalks, signs, speed reduction surfaces and other counter measures,” said Mr Lyew-Ayee.

The JN Foundation chairman noted that Hazard Primary School was the first of 18 schools to be upgraded under the campaign. The educational institution benefitted from the erection of: signage for bus lay-bys, pedestrian gates, the widening and paving of the sidewalks.

Minister without Portfolio in the Office of the Prime Minister and Member of Parliament for Clarendon Central, the Hon. Mike Henry, commended the JN Foundation and its international partners for the improvement undertaken at the school.

He said the school, which also has a Special Education Unit for physically challenged students, will greatly benefit from the upgrading; and should make students safer while in transit to and from school.

The “X” Marks the Spot Road Safety Campaign is being implemented in collaboration with the United Nations Children’s Fund (UNICEF) and UK-registered charity, the FIA Foundation, of the Federation Internationale de l’Automobile.

Dr Rebecca Tortello, quality education specialist at UNICEF, said the children’s organisation was serious about road safety; and that the partnership with the JN and the FIA Foundations will help to raise awareness about road safety and increase understanding among students and the general public.
“Importantly, it will also enable us to uplift the crossing zones for 18 schools, in areas with the highest incidences of road accidents. We are working together with our partner the JN Foundation and our funders, the FIA and Abertis Foundations, to ensure that all of our children enjoy a safe route to and from school,” she said.
Rebecca Ashton of the FIA Foundation, stated that her organisation was happy to be associated with the “X” Marks the Spot Campaign; and, they are confident that it will have a positive impact on reducing road fatalities in the vicinity of the targeted schools.
The Campaign is being informed by a recently completed Child Road Safety Assessment Report commissioned by the JN Foundation, which provided baseline data to improve the safety of children on roads, particularly near, or on their way to school.
The research identified specific schools and zones where children are most vulnerable to incidences of road traffic crashes, injuries, and fatalities. These areas require specific infrastructural and/or safety interventions, both at the physical and social levels.
Over the past five years, more than 120 children have died on our nation’s roads. Additionally, an innumerable number of children continue to suffer from life-altering injuries, which are a direct result of the over 70 kilometers traffic crashes, within 100 metres of school zones, during the past decade.

Contact:  Dionne Rose l JN Corporate Communications

Often referred to as an underdeveloped parish, which is plagued with youth unemployment,residents in St Thomas can now anticipate a “positive wave of change” emerging during the next few years, if the social entrepreneur and native of the parish, Tishauna Mullings, founder of NexxStepp Lifelong Educational Services,achieve her goals.

Ms. Mullings recently launched her social enterprise, which focuses on empowering young people, and to equip them with practical skills for employment.

“We plan to start a wave that will change the current view of St. Thomas. Therefore, our aim is to solve issues, such as reducing the gap between employment opportunities and available skills set through a fusion of key academic support and life coaching,” she said of her organisation, which was officially launched at a mingle under the theme, “The Magic of Transformation,” at the Golden Shore Resort, Lyssons, in St. Thomas, on October 18, 2018

Referencing data from the Inter-American Development Bank (IDB), Ms. Mullings pointed out that only 40 per cent of the approximately 140 million young people, age 15 to 29 in the Latin American and the Caribbean,make up the workforce; representing one in five youths who do not work or study; and the youth unemployment rate is three times higher than the adult unemployment rate, she informed.

“In Jamaica, statistics indicate that, the youth unemployment rate is approximately 29.6 per cent. And, local employers indicate that some young people are ill-equipped to seek and keep a job,” she added.

Ms. Mullings said that NexxStepp, which was established six years ago, has already trained hundreds of young people; and created part and full time employment for many in St Thomas.

The organisation provides: academic excellence coaching, personal and organisational growth; motivational and inspirational communication; as well as, workshops and life coaching skills for groups and individual persons.

Opal Whyte, project manager of Social Enterprise Boost Initiative (SEBI)urged patrons attending the launch event to support NexxStepp Lifelong Educational Services, which is participating in the Accelerator Programme being conducted by SEBI.

SEBI is a project of the JN Foundation and USAID; and, through it’s Accelerator Programme, entrepreneurs are being taught toenhance their social businesses.

“NexxSteppcannot grow if you don’t do business with them,” Ms. Whyte pointed out. “Therefore, we urge you to support the business aspects of what they do; and, you could also sponsor a young person to participate in one of their educational services.”

She commended the social enterprise for being true to its roots, and focusing on the development of St. Thomas. “The social mission of NexxStepp is focused on St. Thomas; and, if this organisation transforms young people in this parish, then I believe that St. Thomas will grow from within; and that is why the JN Foundation and USAID believe in the work of NexxStepp,” she said.

Jerome Cowans, senior project director of Housing, for Opportunity, Production and Employment (HOPE) Programme,located in the Office of the Prime Minister, who was the guest speaker of the event, said that the services of NexxStepp were critical in the preparation of young people for the world of work.

“The first and most important goal of our HOPE Programme is personal development, which is absolutely essential,” Mr Cowans pointed out.

“We, therefore,identify mandatorycore skills for every young person who participates in our Programme; and personal development is one of them,” he informed.“That is one of the reasons why NexxStepp is critical, because the HOPE Programme alone cannot engage all of our young people,”noting that a recent survey indicated that there was approximately 130,000 unemployed youthsacross the country.

Dionne Rose| Communication Officer | JN Group Corporate Communications
The Jamaica National Group | Chief Office

Several experts in the financial, education and employment sectors agree that exposing young people to basic financial concepts at an early age in a classroom setting will assist them to make better ‘financial decisions as adults.
“This can only work out to the advantage of the child in the long run, especially when he or she is faced with critical life decisions about how to spend and invest money. It will also redound to the benefit of the country, given that financially educated consumers can make a positive impact on emerging economies,” posits Rose Miller, grants manager at the JN Foundation.
Miller maintained that optimally, personal finance should be taught in school and at home.
“However, the reality is that many Jamaicans aren’t as financially knowledgeable as they think they are,” she said, pointing out that the Standard & Poor’s (S&P) 2015 Global Financial Literacy Study indicates that only 33 per cent of adult Jamaicans are considered financially literate”.
 
BAD FINANCIAL DECISIONS
 
Miller said that what the S&P study revealed is that many Jamaicans are making ill-advised financial decisions, which end up costing them thousands, even millions of dollars over time.
“Financial ignorance carries significant costs. Consumers who fail to understand simple concepts, such as interest rates, spend more on transaction fees and run up bigger debts. They also end up borrowing more and saving less money,” she advised.
Miller, who also heads the JN Foundation’s BeWi$e financial-empowerment programme, noted that JN hosts workshops about money management for children and adults across the country. JN Bank has also implemented the JN School Savers’ Programme, which inculcates good money-management principles and practices in students at the basic-school level and upwards.
“I believe that financial education is too important a subject to be left to chance and it should, therefore, be fully integrated into the school curriculum,” she said. “Playing sports, exercising and brushing one’s teeth are good life habits, and we all start learning them from we are very young. Personal finance is also about establishing good habits from as early as possible.”
Miller maintained that courses should be targeted at teach ing children the value and consequences of their financial decisions, which relates to living a healthy and responsible life.
“Children are confronted early in their growth process with wanting to buy a toy or a cell phone,” she added, explaining that these are financial learning opportunities.
Miller said elementary, school students can start with basic concepts such as trade-offs, price comparisons, costs versus benefits, and risk versus reward, as well as the value of money, which is another concept that is lost on the very young.
“We watched our parents use ‘real money’ to pay for goods when we were growing up. However, today, we live in a digital age in which our children see credit cards and debit cards being used instead of cash. Therefore, we need to explain to them that money is the unit that backs those cards,” she says, “as that is not readily apparent.”
Psychologist and founder of business management consulting firm Above or Beyond, Dr Leachim Semaj, agrees that financial education must be incorporated in the school curriculum from the basic-school level, pointing out that as students mature, more complex concepts can be introduced, from insurance and credit to compound interest.
“The average Jamaican has no idea how money works. It is as bad as that. A lot of people don’t understand something as basic as compound interest.
As a result, over the years, many institutions have taken advantage of their ignorance,” he said.
Semaj further noted, “The average small-business owner is ignorant about money management and profit margins. Many people confuse cash flow’with profit. They don’t even understand pricing. The fact is that cash flow is keeping a lot of businesses afloat, and the operators get the impression that they have a successful business, but they’re simply one step away from failure,” Semaj stated.
He noted that this is the kind of information and knowledge that young people must be exposed to in the education system.
“We also need to teach them concepts such as, what is a good loan versus a bad loan? Meaning, what are things you should borrow to achieve, and what you shouldn’t?” he advised.
 
Review the curriculum
 
Retired educator Esther Tyson said that with some schools now including entrepreneurship in their curricula, financial education should be interwoven into those lessons.
“It would help Jamaicans to better understand how financial institutions work, how to plan ahead and save for long-term goals,” she related. “Especially since we’re in the age where everything is immediate, and this makes things even worse as our young people need to learn that if they want to achieve big things, they should start very small,” she said. Tyson said that critical to the success of these initiatives is a curriculum, that allows children to make financial decisions and receive feedback in a safe space.
This can be achieved through a combination of traditional classroom activities, technology-enabled games, and some limited real-world practice, she affirmed.

See the original article here!

Long-term financial planning may not be at the forefront of one’s mind when they’re a 20-year-old university graduate.

As grants manager at the JN Foundation Rose Miller puts it, money management, the stock market, and retirement planning are remote ideas for many young people. But she warns that a lack of focus during one’s 20s when it comes to money will begin to take its toll by the time one is in one’s 30s.

The JN Foundation BeWi$e financial empowerment programme head maintained that this is why it’s important to plan ahead, noting that the sooner you determine how to manage your finances in some basic ways, the better off you’ll be.

In that vein, this week she highlights a few mistakes people in their 20s should avoid so that they will prosper in their 30s and beyond.

1. Avoid Skipping Student

“Delaying payment on one’s student loan is a bad idea,” she declared. Why? “Because, that will negatively affect your credit rating, and may also extend your debt burden into a time period when you will be exploring starting a family and purchasing a home. The sooner those university loans are paid down, the easier it will be to manage the next phase of your life. Young people are better off making a dent in their student loans before it’s time to settle down.

2. Avoid Spending All

“The adage, ‘It’s not how much you earn, but how much you save’ still rings true,” she noted, stating that if people are spending as much as, or more than they earn, it is only a matter of time before they will spiral into unmanageable debt.

“That lifestyle will make it almost impossible to build significant savings. Therefore, the solution is to live within your means, not beyond,” she advised.

Miller also cautioned young people to steer clear of trying to keep up with their friends’ spending habits. “Living up to your friends’ or co-workers’ standards is tempting. Choosing where to eat, what to wear, and what gadgets to buy based on what your friends are doing can ruin your budget,” she said.

“Simply because your friend seems able to afford the latest electronic device or an overseas trip or even attend the various weekend entertainment events doesn’t necessarily mean you can,” the financial adviser added.

3. Avoid Not Establishing a Savings Goal

Miller says to save more, it’s important to start off with a clear goal; and then put a specific plan in place to achieve that goal.

“Start by determining exactly what major purchases you plan for your future such as a home, a car, or improving your education. Next, determine how much you need to save to achieve those goals and how long a period you need to save the funds,” she recommended. “Finally, set up a recurring automatic transfer from your current account to your savings account, to ensure that you’ll be consistent with your savings.”

4. Avoid Dipping Into Savings

“Once you set up the account to take care of the goals you are trying to achieve, keep your hands out of it, be steadfast and determined,” Miller warned. She informed that one should create a mental and logistical barrier between themselves and this money, move it into a separate account, such as a high-interest savings account, or a money market account, which both offer higher interest rates than the traditional savings account. “The same is true for your emergency fund; unless you’re facing an actual emergency, keep your hands out of it.”

5. Avoid Paying the Minimum on Your Credit Card Balance

Most credit cards only require payment of one to three per cent of your balance each month. Paying the minimum can be a tempting option, especially if your budget is tight, but it can cost you a fortune in the long term because you’ll have to pay interest on the outstanding balance due.

Get in the habit of spending according to your budget and making monthly credit card payments in full. The easiest way to do that is to arrange to transfer the full amount of money you owe from your chequing account to your credit card company, every month. And, in some cases, you may even earn “cash back” at the end of the month based on the rewards on your credit card. “And, finally, as a young person there should be no need to take out more than one credit card,” Miller concluded.

See the original article here!

Jason McNeish (right) , marketing manager, The Jamaica National Group examines one of the bags produced by Bresheh with Randy McLaren, co-founder & managing director of Bresheh. Occasion was the official launch of Bresheh’s new collections of bags on  Thursday, September 27 at the Opa Greek Restaurant & Lounge at Devon House in Kingston.

Randy McLaren (centre), co-founder & managing director of Bresheh takes a photo with members of Ashe performing arts group. Occasion was the official launch of Bresheh’s new collections of bags on  Thursday, September 27 at the Opa Greek Restaurant & Lounge at Devon House in Kingston. The collection was launched in collaboration with the Social Enterprise Boost Initiative (SEBI), a project of the JN Foundation and the USAID. Bresheh is part of SEBI’s Accelerator Programme, where entrepreneurs are being targeted to further enhance their social businesses.