NASSAU, BAHAMAS- O’cof Securities Limited will host free financial literacy training this month after receiving feedback from users of its Prospuh app. The company noted that many Bahamians face financial challenges, often living paycheck to paycheck or seeking financial success abroad without fully understanding the reasons behind their pursuit of a “better way of life” in countries like the US or Canada.
Founder and Chief Executive Officer of O’cof Securities, N’Nhyn O’Cof, emphasized the importance of Bahamians understanding their true potential and the benefits of investing in their own country. He stated, “This country offers some of the best benefits, but Bahamians need to be taught how to understand and utilize them.”
The upcoming financial literacy training, starting next weekend, aims to educate Bahamians on how to make their money work for them domestically. O’Cof highlighted the financial struggles faced by younger Bahamians, saying, “The average person under the age of 45 is living just to be able to pay healthcare and rent. A lot of Bahamians now don’t even necessarily have owning a home in their scope or range.”
He also pointed out a lack of understanding among Bahamians about the differences between saving, spending, and investing, noting, “We also don’t necessarily understand the difference between saving, spending, and investing. Realistically, Bahamians have to start understanding that saving is an expense.”
The statement further explained that conversations about money, saving, and investing are not common among Bahamians, with O’Cof remarking, “Even our parents wouldn’t have had a lot of money conversations with us. If you don’t teach the proper knowledge and understanding behind being financially literate, understanding money, and understanding our economy, we will have a lot of problems in the future.”
O’Cof stressed the need to incorporate financial literacy and digital skills into the education system from an early age, stating, “It’s important now that we strive to assist with financial literacy as a company because we see the growth. We see more and more Bahamians investing every single day. We see Bahamians putting together their own portfolios and asking the necessary questions.”
Those interested in financial literacy training can find more information through Prospuh’s WhatsApp, available on its website, Prospuh.com.
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