Financial Literacy Advice for Young Females: Managing Income Wisely and Building Wealth from an Early Age

Young females have been urged to be financially savvy and manage any income carefully from an early age, even if it is just a small allowance.

The advice came from Michelle Doyle, deputy governor of the Central Bank of Barbados, as she addressed girls aged 15-18 at the “Money Smart Girls: Building Wealth, Shaping Futures” financial literacy workshop on Friday. It was organised by the I Am A Girl NGO in collaboration with the Bank of Nova Scotia at the Tom Adams Financial Complex.

Doyle told attendees they should think about allocating portions of any earnings – whether from a part-time job, micro-business, social media management, hairstyling, baking or selling customised items – towards savings and necessities rather than just desired purchases.

“I’m encouraging you to ensure that whatever you earn, some of it goes towards savings,” she said. “If you don’t already save, now is the time to start because the earlier you start, the sooner it will become a habit.

“You can realistically think of what amount of money you can set aside, even if it’s $5, and just doing it consistently is the important part rather than thinking I can’t save because I’m not going to be saving a large amount. Once you start to set aside savings and build that nest egg, it helps you to achieve your financial goals.”

Girls could also consider investing to develop their financial profile while warning them to be wary of any investment scams, the financial expert suggested.

Despite their ages, Doyle said it was also important to plan for retirement. She added: “As young women, do not let anyone tell you, suggest to you or in any way try to convince you that as a girl, you don’t need to think about your finances or how to take control of them to achieve the future that you want.

“Financial literacy leads to you being financially savvy and this leads to you having financial freedom and financial independence. As the theme states, being money smart can help you build wealth and shape your future.”

Raeann Flatts, donor relations coordinator at I Am A Girl NGO, said the workshop aimed to equip girls with knowledge and tools to control their financial future, build wealth and make informed decisions.

“Financial empowerment is not just about numbers and budgets. It’s about confidence, independence and creating opportunities…By becoming financially literate, you are improving your own life but also contributing to the well-being of your families, communities and future generations.” (FW)