PM Drew unveils groundbreaking ASPIRE program, $1000 savings & investment for every child

St Kitts and Nevis: Prime Minister Dr Terrance Drew on Friday, officially launched the groundbreaking ASPIRE Program - Achieving Success through Personal Investment, Resources, and Education. The program was launched at Warner Park in front of hundreds of young people during a large independence youth rally.

This revolutionary program is the first of its kind in the region and is exclusive to St. Kitts and Nevis.

PM Drew said that this financial education, savings and investment program will be preparing the children of St Kitts and Nevis to build successful financial futures.

He noted that ASPIRE Program is aimed at eliminating aspects such as poverty and inequality while providing the children with the tools they need to thrive. 

Notably, under the program, each child aged between 5 to 18 will be getting an EC$1000 contribution from the government and this contribution will be divided into two parts. 

The first part of EC$500 will be held in a savings account at St. Kitts-Nevis-Anguilla National Bank while the second part EC$500 will be invested in shares of local, government-owned entities. Not only this, but it will also be coupled with financial education to be delivered in schools.

The Prime Minister also shared a video on his official Facebook account in which the children were delighted over the significant development. They said, "September 2024 marks the official start of Australia, and our government has a super cool gift just for us."

The children further remarked, "$1,000 in savings and investments, $500 will be held in a savings account that will grow as you go, and $500 in shares kept safely until you are qualified to access."

While saying that the funds belongs to them and their mother or father, they noted, "And not only that, you'll be learning all about how to manage your money wisely at school too. Yes, all children ages 5 to 18 who are citizens of Saint Kitts and Nevis and registered at a school including homeschool will qualify."

Another student expressed his excitement and said, "I can't wait for September 2024 when I joined the first group ever to benefit from this program. Yay to saving, investing and watching our money grow."

The launch of the ASPIRE program also showcases the Labour Government's commitment and dedication towards investing in the youth of the Federation.