CFA Society Bermuda recognized the importance of providing individuals with basic financial skills and designed a Financial Literacy course to educate and empower members of the public on how to create healthy spending and saving habits.
The course helps people to build practical financial skills so they can begin to take control of and manage their financial future. Registrants are introduced to basic money and financial concepts, learn how to create a budget that works for them and their household, and discuss how to plan for the future, including retirement and debt management. To date, CFA Society Bermuda has registered approximately 100 individuals for the course.
Robin Masters, CFA, the series coordinator, said: “Our informal surveys tell us that people’s biggest financial worries tend to be around managing debt, not having enough money to live comfortably in retirement, coping with education expenses, and how best to have some money left over at the end of the month. Everyone, regardless of their age and income level, shares these same concerns. We believe that financial literacy education is the best way to help people overcome their fears about money and help alleviate concerns associated with financial insecurity. Our goal is that people come away from our course having learnt new behaviours that become part of their overall lifestyle, that will better position them for the future.”
Following the course, participants reported an increased level of confidence in their ability to manage their day-to-day expenses. By incorporating real life practical examples in interactive sessions, where polling questions, whiteboards and videos were used to invite engagement and questions from participants, people were able to then apply the theory and concepts to their own personal circumstances.
CFA Society Bermuda partnered with the Bermuda College's Division of Professional & Career Education (PACE) to launch this financial literacy initiative. The series has been held three times over the last year: The first two courses were hosted in a lecture hall at the college and following the coronavirus outbreak, the third course was run via Zoom.
Looking Ahead
The Winter 2021 series has been scheduled for January 2021 and the local society is prepared to run this in-person or online. The existing curriculum is targeted to the general adult population and the local society will approach corporate HR departments and other individual groups who have expressed an interest in providing financial literacy education to their employees or members. CFA Society Bermuda can tailor the presentations to more specific groups who may be at different stages in their life.
In addition, the member society plans to develop a companion series on “Investor Education” and will deliver this through the relationship with the Bermuda College PACE program.
Robin added, “This course is the first phase of a broader initiative. Ultimately, we plan to offer and support Financial Literacy and Investor Education on a larger scale in Bermuda. We have started and will continue to speak with other CFA societies across the globe, to make the best of the synergies that can be created through collaboration.”
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