Increase Your Savings Savvy!
When Anthony was promoted to records supervisor in a local hospital he treated himself to an SUV, upgraded his wardrobe and partied more.
He deserved it! But over time his disposable income began to shrink. Dejected, he realised he was working harder but had little to show for his raise at each month-end.
Higher income, fewer savings Anthony’s situation is common, notes Elizabeth Austin, Head of the National Financial Literacy Programme (NFLP) of the Central Bank of Trinidad and Tobago: “We launched our programme in response to the observed deterioration of savings ratios among income earners despite a considerable increase in per capita gross domestic product (GDP),. In other words, higher incomes have been matched by little, if any increase in personal savings.”
Austin adds that there has also been a significant increase in personal debt including expensive credit card debt.
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