Hundreds of Montserrat residents participate in ECCB survey to discover the level of Financial Literacy across Region

The Eastern Caribbean Central Bank (ECCB) in collaboration with the Organization of the Eastern Caribbean States (OECS), with the support of the World Bank, announced the results of the Financial Literacy and Financial Inclusion Survey in a live event earlier this morning.

500 persons from Montserrat took part in this survey.

The aim of the survey was to discover the level of financial literacy across the region, and determine if the people of the Eastern Caribbean Currency Union (ECCU) have enough information to make good financial choices.

The results will also help the ECCB find ways to increase financial resilience through the creation of a financial inclusion strategy.

The ECCU produced an overall score of 12.2 of 20 in financial literacy. 

The survey found that 83.2% of individuals within the ECCU have saving, investments, and retirement products.

It was also found that 67% of ECCU residents have financial goals. Individuals in the 18-29 and 30-49 age groups expressed a higher interest in purchasing hous and land, or starting or growing a business as their primary financial goal. Individuals in the 50+ category prioritized becoming debt free.

When comparing how individuals make payments, it was found that 55% of ECCU residents only make cash transactions.

ECCU residents also tend to prioritize short term spending over saving. There was also an overall positive financial attitude to spending.

The comprehensive report of the survey findings will be available for access on the ECCB website.

The survey began in August 2022, and targeted individual 18 and above in all ECCB member countries.