The Eastern Caribbean Currency Union (ECCU) faces a significant financial literacy deficit, as per a comprehensive survey conducted by the Organisation of Eastern Caribbean States (OECS) Commission and the Eastern Caribbean Central Bank (ECCB).
Despite high overall adult literacy, ECCU residents lack essential knowledge about saving, budgeting, investing, and borrowing.
ECCB Governor Timothy Antoine labeled the situation “lamentably low.”
The survey, with 7,000 participants across eight member states, revealed scores ranging from 11.7 to 13.1 out of 20, suggesting ample room for improvement.
Urgent action is needed to address these financial literacy and inclusion challenges for the ECCU’s prosperity.
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