Children are our future. For Jamaica’s 23 credit unions, this popular phrase has guided their actions for generations. The credit union difference lies in the fact that their focus extends far beyond savings accounts and loans to encompass the holistic development of our country’s youth. Their ‘people over profit’ philosophy has birthed PEP bursaries, tertiary scholarships, financial literacy fairs, and immersive high school programmes. Credit unions put into practice a truth they have known from the very beginning; investment in Jamaica starts in the classroom.
The early Co-operative Schools and Study Clubs instituted by credit union founder John Peter Sullivan, who was himself a teacher, have become an invaluable part of its character. The legacy continues today in how credit unions show their commitment to school-aged youths. One such programme, Adopt-a-School, is conducted by credit unions across the island, primarily targeting basic schools. The programme sees donations made to schools through beautification projects, student sponsorships and building enhancements.
In a single year, over $30 million has been spent on PEP bursaries and tertiary scholarships that enable students to pursue their education. The PEP bursaries are awarded to youth credit union savers who have performed well in their exams, to cover their school expenses. A few credit unions also offer bursaries that extend beyond the first year of study. For tertiary scholars, the dream of higher education is both personal and emotional. The scholarships afford them the opportunity to strive for their future career goals, freeing them and their families from the worry that those dreams may never be realized. The tertiary scholarships and PEP bursaries facilitate access to education so awardees may effectively plan for their future.
Education, however, goes beyond funding. Each April, during Financial Literacy Month, Credit Unions impart essential money management skills to over 1,000 students over the life of the programme. The programme guides young people on how to view money, understand its impact on their goals, and navigate unexpected financial challenges. Participants learn to save, budget, invest, understand taxes and much more. These lessons are often not taught in classrooms. The students then test these skills at a Reality Fair, a simulated exercise where they manage household finances as responsible adults facing real-world circumstances. Credit Unions invest time and manpower to create programmes that gives practical and relevant knowledge that serves a lifetime.
The commitment deepens with the Credit Union High School Programme, in which students do not just learn about finance, they live it. By establishing boards, students run their own credit union, managing their own accounts, and making strategic decisions. They experience Credit Union democracy firsthand, one of the tenets that speaks to the Credit Union difference. They learn that a Credit Union is a community-owned institution where every voice matters, empowering them to own their power and responsibility.
Credit Unions remain involved in their communities because service is part of who they are. Beyond financial services, they have made it their duty to empower, instruct, and facilitate the dreams of Jamaica’s youths.