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48% of VI residents not saving for a rainy day - FSC report

- Men saving more than women
November 23rd, 2011 | Tags: FSC Local report Elise Donovan saving planning rainy day
One of the banks located in the VI, where it seems more men are saving than women. Photo: VINO
Ms. Donovan revealed the stats at a press conference held on Tuesday, November 22. Photo: VINO
Ms. Donovan revealed the stats at a press conference held on Tuesday, November 22. Photo: VINO
ROAD TOWN, Tortola, VI – Compared to managing, saving and using their money, fewer numbers of Virgin Islands’ residents are planning for the future or saving for a rainy day, disclosed Elise Donovan coordinator of the Financial Literacy Survey Report 2011 which was conducted by the Financial Services Commission (FSC).

Speaking at a press conference yesterday, November 22, 2011, Ms. Donovan reported that from the surveym less than one in two adults or 48 percent have enough money saved that would last them more than six months if they lost their main source of income.

“Only one in five adults have enough money saved to last at least three months but not six months. While one in eight adults have enough money saved to last at least one month, but not three, and a small percentage of the adults only have enough savings to last less than a month,” she told journalists.

Not surprising is that individuals in the higher income bracket appear to be saving at a greater rate than others, but interestingly, men it seem are saving at a higher rate than women.

From the report, close to three in five men or 58 percent have enough money saved that would last them more than six months if they lost their main source of income, compared to two in five women or 40 percent for the same period.

Furthermore, British nationals “appear to have the far highest saving rate, followed by American then Virgin Islanders”, the report indicates. Meanwhile, other Caribbean nationals as a group appear to be saving at a lower rate than all other national groups.

And of all the categories, individuals’ ages 20 to 29 have the lowest rate of savings, and highest number of savers was reported to be between ages 80 and 89.

In summarising the aspect of financial planning, the FSC found that a significant portion of the VI adults prefer to defer spending today in order to save for tomorrow.

The national survey, which was conducted over the telephone from a random pool of anonymous phone numbers, was carried out between April 19 and May 13, 2011 with 535 individuals over the age of 18.

Its objectives were to measure, using a questionnaire by the OECD International Network on Financial Education, to measure financial literacy and provide national benchmarks; compare levels of financial literacy across countries and describe levels of financial literacy in terms of key social-demographic groups and explanatory variables and identify needs and gaps.

21 Responses to “48% of VI residents not saving for a rainy day - FSC report ”

  • Candi (23/11/2011, 08:53) Like (0) Dislike (0) Reply
    How can we save and we're not making much money? Sometimes it feels like all our money are going to just bills and after that we have to scrap to find money to get food. Its rough. cost of living is going up by the minute and our pay isn't.
  • billy b (23/11/2011, 08:54) Like (0) Dislike (0) Reply
    How can we save Ms Donovan???? Have you seen the pay checks weve been cashing lately, compared to the high cost of living expenses??? incase you have been on Mars for the past two years, youll know that saving is unlikely in these times and is estimated to stay that way for the next year or two. Trying to stay caught up on bills is the new pretty black dress in our closets now a days. The people age 80 and up are saving old money. This new money generation's resourse is nonexistent
  • ta ta (23/11/2011, 09:33) Like (0) Dislike (0) Reply
    Most of us are living from pay check to pay check where will we get $$$$ to save?
  • JTV (23/11/2011, 09:38) Like (0) Dislike (0) Reply
    what about the FSC taking the lead on teaching financial management, balancing checkbooks, budgets etc in schools?
  • Brad Boynes (23/11/2011, 09:46) Like (0) Dislike (0) Reply
    We all need to finf God and He will take of all the rest short comings
    • fool (23/11/2011, 11:00) Like (0) Dislike (0) Reply
      He will pay your bills? Get real please.
    • billy b (23/11/2011, 11:01) Like (0) Dislike (0) Reply
      We don't need to find God, last time I checked He wasn't lost, He was right there
    • Guest (23/11/2011, 12:43) Like (0) Dislike (0) Reply
      I hope you tell your bill collectors God has their payment when their money is due..
  • Jog (23/11/2011, 11:53) Like (0) Dislike (0) Reply
    These men saving because them dont pay child support to their kids. Women have to do everything. How can we save if everything so costly in the BVI over!
    • Yup (23/11/2011, 14:31) Like (0) Dislike (0) Reply
      Thats right hope the legislators will see about updating laws for the financial support of children in BVI. Not only are they not supporting their kids, but they now sexually abusing them.
      • billy b (24/11/2011, 11:54) Like (0) Dislike (0) Reply
        I am most certainly not going to block child support for deserving children, but just like you woman want men to be responsible, I think its time that you women are more responsible with your bodies. Stop letting a man whisper sweet nothing in your ears and days later, dem in your pants. Take time to know people, and most importantly, take moooore time to acquaint yourself with the man you chose to father your child. Really and truly the ball is in your court, be more responsible the same way you want men to be responsible. I am just so tired of hearing you women whine about this. You hold the combination to the safe, stop giving away the numbers so quickly.
  • winners (23/11/2011, 12:27) Like (0) Dislike (0) Reply
    yea the man dem saving because they are presches..only dey churches mekin the $$$$$ meshon I going start a church bossman
  • vex (23/11/2011, 15:47) Like (0) Dislike (0) Reply
    happy to see that Ms. Dovaon is back after what uncle dem do to her at the IFC...there is a god!
    • t2db (23/11/2011, 23:30) Like (0) Dislike (0) Reply
      and what did they do to her???? we like melee tell we
    • ------------------------ (24/11/2011, 00:05) Like (0) Dislike (0) Reply
      but the FSC is the saving grace for all NDP rejects...get with the programme pplz
      • Overseas reader (24/11/2011, 09:51) Like (0) Dislike (0) Reply
        oh so right...let's wait to see how much of the looses on the NDP side he hires....
      • Crank Shaft (24/11/2011, 15:38) Like (0) Dislike (0) Reply
        LOL!! Funny! What you forgot to mention is that thanks to those same rejects and others at FSC, we have a leg to stand on as our Financial Services Sector is what kept us afloat and gave 'uncle' and the other band of hooligans all those millions to wash down the drains - LITERALLY!!!! So, sleep on that! They are rejects in your book, but tell me about their performance? Tested and proven, BOOM!!
  • Star (24/11/2011, 18:14) Like (0) Dislike (0) Reply
    I can't even make it from pay check to pay check. I try but the pay check just doesn't cut iit. The cost of living is just too high.
  • sunshine (24/11/2011, 20:25) Like (0) Dislike (0) Reply
    How can we save when the bank it self is killing us when we try and put something aside they are deducting under $500.00? Cost of living is high, Rent is high, Electricity is high now tell me what do you really expect.
  • Smh (25/11/2011, 14:24) Like (0) Dislike (0) Reply
    Everyone just about said it, the cost of living is very high (rent, food, bills, loan payment, daycare etc.) especially if you working for government we are living from pay check to pay check and still not making it so what is there to be save. The Businesses, Government really need to do something this going to cause more people to steal and commit crimes. Oh I wonder if my light bill for December still free or that became null and void when Fraser did not get back office


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