PM Terrance Drew officially passes ASPIRE Bill 2024 in parliament, aims to boost financial literacy

St Kitts and Nevis: During a recent sitting of National Assembly, Prime Minister Dr Terrance Drew has successfully passed the ASPIRE Bill 2024. This bill has paved the way for the full execution of the groundbreaking and transformative initiative titled ‘Achieving Success through Personal Investment, Resources and Education. 

ASPIRE is a financial education and savings programme for St Kitts and Nevis citizens aged 5 to 18 years. 

This major initiative is aimed at fostering financial literacy while instilling positive saving habits and encouraging early investment practices among the youth of St Kitts and Nevis. 

It is being said that the bill underscores the commitment of the government to empower the next generation and boost economic resilience in St Kitts and Nevis.

Not only this, but the ASPIRE Bill also provides for the establishment of the ASPIRE Fund as well as the creation of the ASPIRE Council that will be tasked with managing the programme for the youth’s benefit within the island nation. 

This unique programme is first of its kind in the region and it will equip the youth of the country with the knowledge, tools and opportunities to build a bright future for them in financial terms. 

According to the information, all children between the ages of 5 to 18 including national as well as citizens by descent will be receiving a EC$1,000 contribution from the government. 

This significant contribution will be further divided into two parts that is EC$500 will be held in savings account at the St Kitts Nevis Anguilla National Bank while EC$500 will be invested in shares of local and government owned entities. 

While passing the bill in the parliament, PM Drew noted that usually it is only individuals from privileged backgrounds who would be put in such a position where they can have a bank account and also invest in companies. He added that the ASPIRE programme will now all children to generate wealth and also become literate financially. 

The Prime Minister emphasised that for some the savings and investment components of this programme might be appealing but to him it is the financial education aspect which is the most important. 

He added that this will push forward a culture of financial wisdom that will remain with citizens as well as residents for life. 

Dr Drew outlined that this programme has the power to transform the next generation which is why he wants the youth to get that solid financial, entrepreneurial as well as investment education so that it become a part of them. 

Furthermore, the government is aiming to encourage the widest possible participation in the programme which is why they have dubbed November 29 as the ASPIRE Day in St Kitts. Officials will be stationed at the Independence Square from 2 pm to 5 pm to provide all the information and guide parents and children to sign up for this initiative.