BUZZ Credit Union Edition | Empower Your Financial Future with a Credit Union

EDITORIAL

As we continue to celebrate credit unions under this year’s International Credit Union Day theme, Financial Future with a Credit Union power of the collective in securing a sustainable future for the next generation of co-operators. The theme encompasses a commitment to the moorings of our global Movement in all our actions of empowerment. As co-operators, we illustrate the unique nature of the credit union Movement in creating a future of which we can all boast.

However, the Movement is not without considerable challenges when endeavouring to embrace the significant moving parts of the dynamic future. This is further exacerbated by a global pandemic which has changed (or advanced!) the future of co-operation. Nevertheless, we commit to a resilient and empowered future through our collective action, which creates sustainable wealth for successive credit union generations.

This special issue will share some of the more topical matters for the future Movement we all desire and empower the financial future of members of this global Movement. Through these opinions, the College commits to tenets of the Cooperative Credit Union Movement and its founding principles in bringing about economic improvements that also contribute to improved social and cultural empowerment and achieving social justice for all.

Let us continue to celebrate in the spirit of International Credit Union Day!

Ms. Fayola Bostic

Ms. Ria Chaitram

Mr. Akins Vidale

Mr. Ian Daniel

BUZZ Communications

Buzz is an indication of the College’s commitment to stake its place in the contestation of ideas about the social development of Trinidad and Tobago and the wider Caribbean Region.

Cipriani College of Labour and Cooperative Studies Valsayn, Trinidad and Tobago

BUZZ Communications

You can find us at: Facebook | Instagram | Twitter buzznewsletter@cclcs.edu.tt

Special thanks to the editing team

There is a current debate on the vehicle of the future. Some pundits argue for an electric car. Others lobby for one that is hybrid, while the traditionalists prefer to retain what already exists. In all scenarios, however, the primary consideration is the environmental impact, particularly contributing to what is being termed as Climate Justice.

EFIRD REVIEW OF EVENTS

CREDIT UNIONS CONTINUE TO EMPOWER ITS MEMBERS BUT MORE MUST BE DONE IN LIGHT OF THE CRIME PANDEMIC

Thousands of citizens in Trinidad and Tobago can provide a beautiful credit union story. House acquisitions, house repairs, education, medical expenses, home furnishings, business startups and much more were possible through affordable loans. The notion that we care, generally permeates the actions of people in the sector. This notion has taken on additional significance in our country reeling at the hands of bandits and killers. Though we are 16 billion strong in financial assets, one of the most significant decisions that must be taken by credit unions is playing a part in dismantling the crime splurge that is obliterating citizens on many fronts. Yes, a credit union is a financial institution guided by the Co-operative Societies Act 81:03 of 1971, bye-laws and international co-operative principles. These principles are:

• Voluntary and Open Membership

• Democratic Member Control

• Member Economic Participation

• Autonomy and Independence

• Education, Training and Information

• Cooperation among Cooperatives

• Concern for Community

The concern for the community warrants that action is taken by the credit union to satisfy members’ economic and social needs. This can be facilitated through financial literacy classes, health fairs, sports and family days and conservation projects among others. Credit unions must maintain the confidence of their members by continuously introducing new products and services. Economic activities are stymied by uncontrollable crime, therefore, credit unions must not refrain from being involved in addressing it.

However, this must go beyond its financial portfolio, as citizens leave home every day hoping for the best, but such an outcome may not occur. The primary school students at Rose Hill Primary School in Laventille is one of the many graphic incidents that illustrates this. Students were seen cowering under school desks while lying flat on the floor as gunfire rang out around them. Their ongoing trauma cannot be easily quantified. None of us or organisations must sit idly by without coming up with some small measure to address the crime situation. Overcoming crime is a monumental task, but all hands must be on deck.I am I am

IMO RAMESES BAKARI- M.A. Psychologist, Lecturer Consultant Life Coach and Author

proposing that every credit union in Trinidad and Tobago:

• Must convene a special general meeting with crime as the sole item for discussion.

• Members’ views must be sought on the way forward.

• Every credit union must also propose the setting up of a special crime fund for the next five years, where members will contribute monthly via salary deductions or pay over the counter if this is not possible.

• The proposed meetings will be ongoing on a monthly basis over the next five years, an elected executive and committees will be put in place in each credit union and a national steering committee must also be established, to oversee plans effectively addressing the crime problem will be long and tedious.

• This will require examining the existing research on crime in Trinidad and Tobago, conducting fresh research, holding exhaustive discussions with members and communities throughout the country, liaising with existing NGOS, CBOS, FBOS, CCULTT and CFF to pursue data driven projects, formulating a vision and mission to drive these initiatives, develop a comprehensive plan that is shaped by social, psychological, spiritual, economic and other pertinent factors that will inform projects within this plan. As programmes are rolled out there will be ongoing reviews and a measurement and evaluation mechanism to monitor progress.

Let us work hard, strategically and with lots of patience, since the monster that is crime will not crumble in a hurry. Nonetheless, fellow co-operators and citizens alike, we need to do our part; let us do this for our country and the very survival of credit unions. We cannot continue to do business in an environment overwhelmed by crime. We are out of time. Let us do it now

Credit unions must maintain the confidence of their members by continuously introducing new products and services.

“ “

CUV NUGGETS 22_03

THE OPPORTUNITY OF A CREDIT UNION

A question I often get is: Why credit unions? My answer remains the same - credit unions have the unique opportunity to truly democratise wealth and redistribute capital resources globally. In my many meetings with credit unions, a few realities are always discussed:

1. Anyone can be a lender.

2. Anyone can pay a return on savings/deposits.

As a credit union, you’ve got to find that spot where you balance business with impact. Are you solving a specific financial problem your members are facing? This opportunity remains huge. Let’s think about it.

Globally, there is a strained relationship between traditional financial institutions and users. This has led to a significant growth in alternative lenders and traditional financial institutions partnering with technology companies and upstarts to increase the value created. This relationship continues to create massive opportunities.

For example, in Trinidad and Tobago alone, and this may apply to other similar economies, the following is noted:

1. The increasing conversation about the population being more financially literate to improve general financial health.

2. The increasing gap between income and asset affordability which fuels the credit market boom and potential bust.

3. The increasing conversations about wealth creation through investing and entrepreneurship.

4. The continuous discussion about strained relationships among traditional financial institutions and users, which creates opportunities for alternatives.

5. The increasing perceived growth of high interest rate lenders.

KWESI CHARLES Lead, Corporate Strategy, Mergers and Acquisitions at the Guardian Group

As a credit union, you’ve got to find that spot where you balance business with impact. “ “

All five of these areas create HUGE OPPORTUNITIES FOR ANY CREDIT UNION within the market. The question is, where to start?

1. Start with your Board of Directors - this is the core of whether your credit union will be a value creator or replaceable. I always advise leaders that the role of a director is not to be taken lightly. It’s a very serious responsibility due to the unique positioning of the credit union. Given where financial markets are, it further adds to the requirement of having the right fit of leaders. Do you evaluate your board through the strategic lens of value creation? The reality is that building a better board might seem like a hard pill to swallow, but I can guarantee swallowing the pill is minuscule in comparison to the results.

2. The Contents of Your Strategic Planning - this will be discussed later, but often units construe strategic planning with a budgeting and or growth planning exercise. Beyond the budgeting exercise, it’s sometimes a review of past targets and performance. As a credit union, your strategic plan must be able to determine how your organisation is creating critical value through a mix of its performance, people, products and positioning - all under the umbrella of resource management. It’s the Why + What + Who + How. Your critical value should answer the customer problems you are solving. If these aren’t answered, then you don’t have a strategic plan. Strategy, at its core, is the art of creating long-term sustainable value.

EMPOWER YOUR FINANCIAL FUTURE WITH a Credit Union

“Empower your financial future with a credit union” is the theme for credit union month 2022. The phrase succinctly captures the raison d’ etre of the financial services cooperative better known as Savings and Credit Co-operatives or Credit Unions.

According to the Credit Union National Association (CUNA) in the United States , the aim of the annual credit union month celebrations is “to help more people improve their financial wellbeing through accessible and affordable products and services provided by their local credit union.” Megan Crowson, manager of consumer engagement for CUNA, adds further clarity by stating that the celebrations are about encouraging people “to reach out to a credit union for help on their financial journey.”

The rallying call for credit union members and members of our society to seek empowerment on their financial journey through a credit union is both a laudable and noble one. When local credit unions in Trinidad and Tobago echo this call made by CUNA and the World Council of Credit Unions, I daresay they must see it as a promise. The empowerment of our members’ financial future must become our promise and our value proposition: “credit unions will empower your financial future.” Other financial services providers cannot make that promise or proposition. Indeed, they can do some of what CUNA proposes. Banks and other financial services providers can indeed provide “accessible and affordable products and services.” and in some cases, even better than local credit unions can. And while credit unions must find ways to compete in terms of accessibility and affordability, these are not our unique selling points. The promise of an empowered financial future is!

Other financial institutions also make these promises to their owners. They do this by providing financial services to members of the local citizenry, including credit union members. But make no mistake, their intent is not to empower their customers financially but rather their owners.

This situation provides credit unions with a competitive space and platform to make an offer that cannot be matched as “no man can serve two masters.” In the case of credit unions, the customers are the owners and there is no conflict. Privately owned financial institutions also have no conflict. They serve their mastersthe owners – unfortunately, at the expense of their customers. How else can they create value for their owners? Their owners cannot drive the volumes of financial intermediary transactions necessary to create value and profits. But customers, including credit union members, can. Value and profits for the owners are

VIRGIL PATRICK, Consultant Business Services, Central Finance Facility

created by the margins between the price paid for using the funds of savers and the prices charged for borrowing these funds. So, savers contribute to the profits of the owners by foregoing better returns on their savings, and borrowers pay more than the savers receive. Both savers and borrowers finance the profits earned by owners.

Because credit unions do not use this business model, they are always poised to offer the unique promise of true financial empowerment to their members/owners.

So, the challenge to local credit union leaders is “are you offering the value proposition of financial empowerment to your members? How are you pursuing this noble goal? And how are you measuring your progress? I hasten to add that these highlevel strategic goals cannot be accounted for at annual general meetings by anecdotes about a member who was helped with school books or some other need. It is great that credit unions do these acts of brotherly love and support, but such stories cannot replace the need for clear performance indicators that show how credit unions are financially empowering their members.

If credit unions are serious about delivering on the promise of financial empowerment, it must start with the member recruitment process. Upon enrollment, members should be encouraged to articulate their long-term financial goals and journeys, and the member services staff must be equipped to show how the credit union could add value to this same journey. At every subsequent engagement, the member should be counselled to determine how her/his present request fits into the financial journey. This will prevent credit unions from lending their members into longterm poverty. No member can achieve financial empowerment by accessing loans to meet daily living expenses continuously. Loans must be provident and productive. Other financial institutions can lend their customers into poverty quite easily, as wealth creation of the customer is not their promise, but it should be that of the credit unions.

For credit unions to seriously embark on this value proposition of financial empowerment, a common understanding of what this means and how it will be measured must be agreed upon and embraced. Financial empowerment of members must be central

to each credit union’s strategic planning process.

The Central Finance Facility (CFF), the financial and developmental institution for the co-operative sector, has been working on stimulating discussions on a Credit Union Value Proposition. It is one of financial empowerment through the power of ownership.

The CFF has argued that true financial empowerment is not achieved without ownership of productive assets that continuously add financial value to the owner.

So, even as the CFF encourages credit unions to compete in making financial services more accessible, it advocates that this is best achieved when credit unions cooperate among themselves. This co-operative effort must enable credit unions to hold significant ownership stakes in the companies that will use them to provide digital financial services to members and enhance accessibility. Similarly, the CFF continues to encourage credit unions to practise cooperation among co-operatives through shared services, to reduce operational expenses and make their offerings even more affordable.

But financial empowerment should not be limited to ownership of shared services and businesses associated with credit union operations. Indeed, credit union members should be encouraged, with the active help of their institutions, to have significant ownership shares in the businesses from where they, as members, consume. Co-operatives are organised for members to own the businesses whose products and services they consume. This is the essence of financial empowerment: “create wealth even as you consume.” To stimulate and facilitate this financial empowerment strategy, the CFF has been seeking investment and ownership opportunities in the expansion of non-financial co-operatives, energy companies, green energy initiatives and other commercial enterprises.

Credit unions are financial co-operatives and are in a unique position to help members in realising their collective aspirations for financial empowerment. Hopefully, the leadership of the local credit union movement will not just espouse the theme “empower your financial future through a credit union” during credit union month, but make it a promise to all credit union members and then deliver on this promise.

The Credit Union Vehicle

COLIN BARTHOLOMEW

Programme Dean and Senior Lecturer Co-operative Studies Department Cipriani College of Labour and Co-operative Studies Valsayn | St. Joseph | Trinidad and Tobago

The Credit Union Vehicle

ICE, Hybrid or Electric?

There is a current debate on the vehicle of the future. Some pundits argue for an electric car. Others lobby for one that is hybrid, while the traditionalists prefer to retain what already exists. In all scenarios, however, the primary consideration is the environmental impact, particularly contributing to what is being termed as Climate Justice.

Not long ago, as I explored the CUV Nugget “What’s Below Your Hood”, contemplated the credit union organisation as a vehicle for empowerment. I considered the credit union ‘vehicle’ as a model not for Climate Justice but for Social Justice, both present and future. I pined over the relevance of the ‘hybrid’ model and the ‘electric’ model as opposed to the strict ‘traditional’ model.

Moreover, while the blog post took readers through an analysis credit union leaders should consider when examining growth, sustainability and strategy, I considered the relevance of what lies below the hood. Will the output of credit unions contribute to the future climate? What fuel is being injected to maximize the performance of these member-based organisations? Are the assigned drivers equipped to drive these vehicles and appropriately diagnose issues resulting in sub-par performance?

My inquisition was met with the pronouncement of the International Credit Union Day theme, Empower Your Financial Future with a Credit Union. And just as the CUV Nugget provided the path, I decided to proceed down the rabbit hole.

This year, the global credit union movement reflects on using the credit union model to empower members’ financial futures. As the theme resonates across global spaces as a call to ‘rev’ the engine of the credit union vehicle of empowerment, it appears that not all these institutions can respond to the clarion call.

From a cursory view, most credit union responses appear to have been within their capabilities: making credit available to members, providing a repository for deposits, and distributing any surplus based on patronage and return. These actions situate most credit unions in ‘neutral’ gear, with the majority not accelerating beyond their conventional approaches. At what point does innovation adjust the look and feel of the credit union vehicle to improve the cooperative aesthetics and ‘social footprint’?

The Credit Union Innovation Success Study, conducted by the Filene Institute, explores why credit unions should go beyond traditional approaches to better serve and retain members and the drivers of perception of the member-based vehicles. Interestingly, both credit union innovation and credit union social innovation were measured in the study. Thus, an input which has traditionally been a part of the vehicle (Principle 7: Concern for Community) is now being measured within the modern context of community impact (Social Innovation).

The study also identified that security, ease of doing business digitally, service and caring about members are driving the credit union innovativeness into the future. Meanwhile, respect, community support, cooperative status and saving members’ time and money drive social innovation . Once again, I perked my ear for the roar of the credit union vehicle.

As with any vehicle, I was interested in the gear lever. The power of the manual vehicle always interested me. I juxtaposed the manual drive to the ‘peoplepowered’ nature of credit unions, listening to the sound of the ‘engine’ and responding accordingly. I was also aware of my counterparts in other financial institutions who preferred the ‘automatic drive’ in the financial vehicle: pre-set conditions to which their customers must adjust.

COLIN BARTHOLOMEW

The Credit Union Vehicle…

Traditional, Hybrid or Electric?

However, according to a 2021 study by the Center for Data Analytics and the Future of Financial Services, six critical levers of readiness help credit unions make sound investments in the people, processes, and technologies of data analytics. The study revealed that the most critical lever to focus on to drive value is a low-cost but critical investment: changing your credit union’s culture to create a truly data-driven decision-making environment! This sounded like a credit union vehicle of the future—a more efficient ‘engine’ producing non-toxic emissions.

What about the drivers, sir? Are they equipped to build healthy engine cultures through appropriate decision-making? Are they aware of this innovative hybrid credit union vehicle? Passenger confidence is always boosted by who is behind the driver’s wheel. Although credit union members retain ownership of the vehicle, they always choose who they put in the driver’s seat.

Continued from page 9

The Filene Institute, in a 2010 study, identified the Most Important Skills for an Effective Credit Union Board (the key strategic driver of a credit union!) as understanding members’ needs, financial literacy and independent-mindedness. This implies that the human element of control remains a desirable trait and that competent human control will still be required, no matter how advanced the technology may be.

In the final analysis, identity is key. Whether petrol, hybrid or electric, studies suggest that the credit vehicle must maintain its fundamental philosophical tenet: people-centeredness. As members who own the vehicle, we must ensure that our vehicle both creates the future we desire and protect the future generation. Our traditional identity must create economic and social justice through our present actions. Co-operators and credit unionists all, prepare your engines for the empowerment of the financial futures of members!

CREDIT UNION’S GROWING BEYOND: FINANCIAL FUTURE EMPOWERMENT THROUGH INVESTMENT

“If you’re saving, you’re succeeding.” ― Steve Burkholder.

“Frugality includes all the other virtues.” ― Cicero.

“Money saved is money earned.” ― John Ambrose.

I believe that saving money is not the best use of your money nor do I believe in spending money without thinking about it either. Most top financial minds and well-known establishments like Forbes, Warren Buffet, Jay Z and the like, discuss the “How” the richest people on the planet gain their wealth. The key is they do not base riches on how much cash an individual has in their personal account, but rather riches are based on the amount of assets, cash flow and profit each person has. Most will agree that cash saved in this present time is useless, but “cash invested is priceless.” Let us agree to disagree and weigh the factors of both as it relates to the credit union movement.

The credit union movement played a significant role in our society’s development in the 1940. The first credit union was established in rural southern Germany, which at that time they called it a credit society. The reason for the development was that people from a community could enjoy an enhanced standard of living once people could pool their funds to invest in each other’s dreams. “In 1909, the credit union movement crossed the ocean to reach American shores. With Edward Filene serving as its pioneer, the movement gained momentum and continued its growth. In 1920, Filene hired attorney Roy F. Bergengren to assist him in generating the movement’s expansion. Bergengren soon created a more systematised concept for the credit union model we know and love today. Credit unions were gaining popularity and popping up all over America, but it was only in the 1930s that the credit union movement achieved federal recognition and national acceptance.” (ASCU, 2022)

However, the Credit union movement did not see the shores of Trinidad and Tobago until April 1947, where Thomas Malcolm Milne, a devout member of the local Catholic Church, was responsible for introducing credit unions into (Trinidad and Tobago around 1942). A San Fernando solicitor and then Commissioner of Inland Revenue, Milne’s almost romantic attachment to the credit union began when he perused copies of the “Readers Digest” and the “Catholic Digest” and came across articles on the progress of the co-operative movement in North America. Milne, who was later to express the belief that the credit union movement

The first Credit Union was established in rural southern Germany, which at that time they called it a credit society.

would lead to the economic emancipation of the people, must have immediately seen this as a solution to financial problems of the common man, and a protection against unscrupulous money lenders of the time.

Between 1942 and 1945, a period later referred to by Milne as “the gestation period”, credit unions functioned largely as study groups and motivated individuals to save money in the hope that they would eventually be able to borrow. This alone bespeaks the then existing capacity of locals for thrift. By contributing 25 cents per week, members were able to purchase shares, each valued at $5.00, to make themselves eligible for loans. However, to provide such loans would have been illegal. Fortunately, for Trinidad and Tobago, the local Administration of the time proved overly sensitive to the representations made by the pioneers of the

STEPHEN AMBROSE (MBA, BA, B.Sc., AA, A.Sc) Industrial Relations & Business Consultant and Lecturer of Introduction to Industrial Relations at the University of the West Indies (U.W.I) Open Campus. 2020 Labour Studies graduate of CCLCS.

movement to have laws enacted that would legalise the status of the credit unions and regularise their operations.

On December 29th, two days before the end of the year, the Credit Union Society Ordinance, No. 48 of 1945 legislation was enacted. The Bill was sponsored by Sir Bede Clifford, Governor; Sir Errol Dos Santos, the Colonial Secretary; and Mr. Wilcox Wilson, Attorney General.

The first credit union registered in Trinidad and Tobago was the Health Services Credit Union Society Limited whose membership came from the Colonial Hospital of Port of Spain. Once the routine had been established, the registration of credit unions came fast and furious. The Arima Credit Union Co-operative Society was registered on 6th August 1946 with over 15 members and a share capital of $616.73. The St. Mary’s District Credit Union applied for registration in July 1946 and got approval on 8th August 1946. By this time it had 186 members and $1,640.00 in share capital. Then came the Bonanza Employees Credit Union, made up of the members of staff of the Bonanza (D. Hope Ross & Sons Company Limited). Out of the 30 credit unions registered in 1946, one third had a basis in the Church (The Co-operative Credit Union League of Trinidad & Tobago, 2022).

Credit unions continue to give the common men an opportunity to live their dreams. In modern times the credit union’s membership has been eroded by a legislation framework that protects the

banking industry. In this present time the credit union should consider lobbying the Government for legislative change to give the common man the power to save (including incentive for tax write-off for money saved in the credit union over $10,000), and to invest in their future. At presents, the Credit Union remains the best place to save and enjoy a better return on your savings. However, over the year’s most credit unions businesses were lost to the banking industry because of a lack of vision, lack of knowledge, lack of flexibility and lack of leadership, where the interest rates of the credit unions became higher than those offered by the banking industry.

“The time value of money is a core principle of finance. A sum of money in the hand has greater value than the same sum to be paid in the future. The time value of money is also referred to as the present discounted value. The time value of money means that a sum of money is worth more now than the same sum of money in the future.” (Fernado, 2022)

Despite the shortcomings, credit unions have an opportunity to gain ground in their business development as in the golden days. The credit union movement needs to invest in technology (including blockchain) and global financial systems, which will be an asset to the organisation moving forward. Now, I will create my own saying, “Money invested in assets, make way for a greater and brighter future.”

The Struggle for Younger Generations in Achieving Financial Resilience

This year’s ICU Day theme aims to raise awareness of credit unions and the financial empowerment they can provide. This message comes at a time when many nations are facing increased economic pressure. These economic constraints, surely exacerbated by the pandemic, have left affected citizens in vulnerable positions. Many households have had to cope with the challenge of sudden job loss and increasing expenditures. The likelihood of becoming jobless has differed significantly between social groups, and there has been a desperate need to rely on preexisting finances to get by.

Undoubtedly, different people went into pandemic lockdowns with very different levels of financial resilience, and many would emerge with greater financial stress. Financial stress emerges when either the household or an individual is unable to satisfy their immediate and ongoing financial responsibilities (Friedline, Chen, and Morrow 2021), and if they are unable to cope adequately, it can be a significant driving force behind vulnerability. The amount of financial stress experienced by individuals varies by country; however, it is quite prevalent in developing regions such as the Caribbean.

Anyone can experience financial stress and, by extension, anxiety. The manner in which an individual recovers from any economic distress can be determined by their financial resiliency. For instance, younger workers are considered less financially resilient than their older counterparts and are especially prone to overborrowing and engaging in other behaviours that lead to financial despair. This can be attributed to unemployment, money mishaps, and even financial illiteracy.

Given their longer tenure, an older employee would have had a head start over a younger employee in investing or establishing a savings fund or a financial plan that could operate as a buffer against economic and social hardships. However, with mounting loan debts and a shifting retirement scenario across the globe, the financial picture appears very different for early- and mid-career workers.

Improved financial resilience is one key way younger generations may decrease the negative financial effect of major crises. However, to safeguard their savings and invest in increasing their assets, they may need the help of a financial organisation such as a credit union.

According to the World Bank (2022), the percentage of people in the Caribbean who now own an account in any financial institution (including a credit union) has increased significantly in recent years. However, according to the World Council of Credit Unions’ most recent data report, the average age of credit union members is increasing (2021), implying that younger generations are not joining credit unions.

So what is the reason for the low growth among youths? More than likely, many young persons may not know about credit unions and how they function to serve them as a member. Additionally, financial literacy among youth is low in most regions of the world, raising serious concerns about their ability to safeguard their financial well-being (Garg and Singh, 2018). With such illiteracy, youth in low-income households can fall victim to scams, highinterest-rate loans, and increasing debt.

Credit unions are known to offer the resources and guidance needed to build financial resilience. It has been observed that credit unions’ distinctive makeup and characteristics promoted greater financial resilience and higher levels of financial well-being for members and customers as a whole (CUNA, 2022). Credit unions are also known to prioritise and develop community-based relationships with their members to promote financial awareness and well-being and actively teach members improved money management skills and the fundamentals of financial planning.

To strive toward financial resilience in times of increased instability, like the Covid-19 pandemic, younger workers and individuals must develop their financial literacy and fully use the initiatives offered by credit unions. More young people, and more people in general, could make better, more systematic financial

SANGEETA BHARATH Research Assistant and Fellow Elma Francois Institute for Research and Debate Cipriani College of Labour and Co-operative Studies Valsayn | St. Joseph | Trinidad and Tobago

decisions if they better understood personal finance. Of course, to benefit from the services of a credit union, they must first have an account with one.

As a result, credit unions must also expand and develop new methods to attract younger members. Credit unions should rethink their offerings, platforms, and communication methods to best meet young adults’ needs and preferences. For instance, the younger generation is increasingly digitally exposed and tech-savvy. Therefore, improving access and exposure to online resources, especially those explaining how a credit union might benefit them, could be a potential tactic to attract the youth.

The reality is that today’s financial environment is more complicated for young people to navigate than it was for previous generations. In a world where education, housing, and even healthcare are becoming exceedingly expensive, financial literacy is crucial since young people are increasingly carrying more debt. This way, they will be educated on the benefits of joining a credit union while empowering their financial future.

Bibliography

“Credit Unions Lead in Improving Financial Well-Being for All Results from the CUNA 2022 National Voter Poll Conducted by FrederickPolls.” Credit Union National Association (CUNA), May 2022. https://mddccua.org/images/docs/2022/CUNA_WP_CUs_ Lead_Improving_FWBFA_May_2022.pdf.

Garg, Neha, and Shveta Singh. “Financial literacy among youth.” International journal of social economics (2018).

Friedline, Terri, Zibei Chen, and So’Phelia Morrow. “Families’ financial stress & well-being: The importance of the economy and economic environments.” Journal of Family and Economic Issues 42, no. 1 (2021): 34-51.

“World Bank. 2022. The Little Data Book on Financial Inclusion 2022. World Bank, Washington, DC. © World Bank. https://openknowledge.worldbank.org/handle/10986/38148 License: CC BY 3.0 IGO.”

“World Council of Credit Unions 2021 Statistical Report .” World Council of Credit Unions, 2021. https://www.woccu.org/documents/2021_Statistical_Report.

EFIRD REVIEW OF EVENTS

CARIBBEAN TRADE UNION FORUM ON THE FIGHT FOR CLIMATE JUSTICE IN

COLLABORATION WITH ALLIES

On 8 September 2022, the Cipriani College of Labour and Cooperative Studies (CCLCS), in collaboration with the Public Services International (PSI), hosted the Caribbean Trade Union Forum on the Fight for Climate Justice in collaboration with Allies. The forum aimed to develop a thorough understanding of the issues and antecedents surrounding Climate Justice and Just transitions in the world of work and to agree on a rationale and approach for greater trade union involvement in genuine tripartite consultation. Presenters included Sandra Massiah, PSI’s sub-regional secretary for the Caribbean; Lene Olsen, senior specialist at ILO Bureau for Workers’ Activities in Geneva; Irene Shen, lead organiser of TUED; and Steve Joseph, president of the Dominica Public Services Union.

PSI- ILO WORKSHOP ON ILS

This PSI- ILO workshop, held on 9 September 2022, included speakers Shingo Miyake, a specialist in labour law and international labour standards at ILO Office for the Caribbean in Trinidad and Tobago, Victor Hugo Ricco, a senior specialist in workers’ activities at ILO Bureau of Workers’ Activities (ACTRAV), ILO HQ in Switzerland and Vera Guseva, a specialist in workers’ activities at ILO Decent Work Team and Office for the Caribbean in Trinidad and Tobago. The workshop was a follow-up to a June 2022 online training session by the ILO DWT/Office for the Caribbean, supported by the ILO HQ and Public Services International. That online seminar for public sector Caribbean Trade Unions was designed to raise awareness of International Labour Standards (ILS) and ILO supervisory mechanisms.

REGIONAL SPOTLIGHT INITIATIVE WORKSHOPS: 29TH & 30TH SEPTEMBER, 2022

The College continued with the Regional Spotlight Initiative activities, which began in May 2022.

On 29 September 2022, Dr Shelene Gomes facilitated the GenderBased Violence (GBV) Sensitisation Awareness workshop, designed to expose participants to GBV within the workplace context. It dealt with identifying GBV within the workplace, understanding the detrimental effects of GBV on employees and organisations, and it explored the advantages of addressing GBV in the workplace.

Following this, on 30 September 2022, Dean Akins Vidale of Elma Francois Institute for Research and Debate at CCLCS facilitated the second GBV Policy Framework workshop. The workshop sought to familiarise participants with the contents and process for achieving the policy framework and guide participants on the process for implementation.

EFIRD REVIEW OF EVENTS

CCLCS POST BUDGET FORUM

The annual CCLCS Post Budget Forum: Review of the 2023 Budget Statement, on 29 September 2022, included a sevenmember panel of experts from various sectors to discuss and review the impact of the 2023 Budget Statement on the economy. Kwesi Charles, the lead of corporate strategy, mergers and acquisitions at Guardian Group and former adjunct lecturer at CCLCS, moderated.

To view, click here: CCLCS Post Budget Forum: Review of the 2023 Budget Statement

STUDENT CLIMATE CHANGE WORKSHOP

Following the recently concluded Conference on Climate Change and Justice held in October 2022, the College took the opportunity to engage the student population and expose them to an advanced level of discourse by hosting its first Student Climate Change Workshop on October 20th, 2022.

The 300 geography and environmental students benefited from expert presenters addressing various aspects of the threat of climate change. Presenters included Lloyd Gardner, executive director of Foundation for Development Planning, Inc. (FDPI); Crystal Roberts, communications director of the Convention on the Elimination of All Forms of Discrimination against Women (CEDAW); Steve Maximay, an EU-recognised expert on climate change and agriculture; and Kishan Kumarsingh, the head of multilateral environmental agreements at the Ministry of Planning and Development.