BASSETERRE, St. Kitts, November 28, 2024 (SKNIS) – The ASPIRE Bill, 2024, was successfully passed in the National Assembly during the Thursday, November 28 sitting, paving the way for the full implementation of the ground-breaking and transformative Achieving Success through Personal Investment, Resources and Education (ASPIRE) initiative that will foster financial literacy, instill positive saving habits and encourage early investment practices among the nation’s youth.
The ASPIRE Bill, 2024, moved by Prime Minister and Minister of Finance, the Honourable Dr. Terrance Drew, underscores the government’s commitment to empowering the next generation and fostering economic resilience in St. Kitts and Nevis. The Bill provides for the establishment of the ASPIRE Fund and for the creation of the ASPIRE Council that will manage the programme for the benefit of youth within the Federation.
This unique programme, the first of its kind in the region, will equip the nation’s youth with the tools, knowledge, and opportunities to build a bright financial future. All youths aged 5-18, including nationals and citizens by descent, will receive a EC$1,000 contribution from the government. This contribution will be divided into two parts: EC$500 to be held in a savings account at the St. Kitts-Nevis-Anguilla National Bank and EC$500 to be invested in shares of local, government-owned entities.
Prime Minister Dr. Drew said oftentimes it is only persons from a privileged background who would be put in positions from an early age to seize the benefits of having a bank account and investments in companies. Now through the ASPIRE programme, which is open to all children, the playing field has been leveled for every young person in St. Kitts and Nevis to generate wealth and become financially literate.
While on the surface some may view the savings and investment components of the programme as the most appealing, Prime Minister Drew said for him, the financial education aspect is the most important as it will indoctrinate a culture of financial wisdom that will remain with citizens and residents for life.
“This programme is to transform the next generation … and so we want our young people now to get that solid financial, entrepreneurial and investment education so that it becomes a part of them,” the prime minister said.
Parents and guardians are encouraged to sign up for the ASPIRE programme online at aspire.gov.kn.
To encourage the widest possible participation in the programme, Friday, November 29 has been dubbed “ASPIRE Day” in St. Kitts. From 2:00 – 5:00pm, officials will be stationed at Independence Square to provide additional information, answer all relevant questions and concerns, and assist parents and guardians in signing up their children for success.
ASPIRE Day in Nevis will be on December 06. Further information will be provided.