Author challenges Barbadians to rethink generational wealth | Loop Barbados – Loop News Barbados
Understanding generational wealth and starting the conversation on financial literacy has become easier with the launch of 7 Legacy Steps to building Generational Wealth by attorney-at-law Kaye Williams. The timely publication aims to simplify the idea of generational wealth through practical steps for Barbadian families to take hold of their personal finances.
Speaking at the recent launch of the book, Williams underscored the need for young people to be actively engaged in discussions on finances, as they are key to continuity and wealth retention.
“In these tough economic times, every day financial literacy should be a skill and available to all. In particular, it should be imparted to the youth so they who have the advantage of time can use smart and consistent efforts to build and grow.”
She added that families not disclosing finances and being daunted by the notion of young people not being financially responsible hinders the building of wealth within families.
7 Legacy Steps to building Generational Wealth encourages Barbadian families to take hold of their personal finances.
The book was endorsed by Minister in the Ministry of Finance and Economic Affairs, Ryan Straughn who emphasized that sound financial literacy will be paramount in building wealth for Barbadian families and businesses alike, following the drastic impact of COVID-19 on the economy.
“It is important for us to understand that both at the macro and micro levels, that the decisions that we make as families, within communities [and] within our businesses, impact obviously the extent to which the exercise and the building of wealth [and] how that is passed on.”
The Minister added that conversations like these are needed within the communities to mitigate against alternative financial schemes: “The reality is that we must find a way to get stronger, to build more resilience to create wealth and share opportunities as far and wide as possible.”
The launch also provided an opportunity for retired publisher and chief executive officer of the Nation Publishing Company Limited, Vivian Anne Gittens, to share on her upcoming book Every Cent Counts: Your Money – Start Right. Gittens gives meaningful insight to financial planning and goal setting to new tertiary graduates as they embark on building fruitful financial futures.
Proceeds from 7 Legacy Steps to building Generational Wealth will benefit local programmes targeting financial literacy for youth.