Money Doctor


Q: What is financial literacy?
A: According to the Organization for Economic Co-Operation and Development (OECD) International Network on Financial Education (INFE), financial literacy is “a combination of awareness, knowledge, skill, attitude and behaviour necessary to make sound financial decisions and ultimately achieve individual financial wellbeing”.

Q: Why is there a National Financial Literacy Programme (NFLP)? 
A: The rapid evolution of financial systems, developed and emerging market countries are seeing the need to improve the level of financial education of their citizens.

It is now becoming increasingly important for families to practice basic budgeting to help them plan for the children’s education, to meet their mortgage payments, and to save for a rainy day and for the parents’ retirement. More generally, with the increasing sophistication of the financial system, large sections of the population still need to learn more about basic banking, investments, insurance and on choosing savings instruments.

Q: What are the objectives of the National Financial Literacy Programme (NFLP)?  
A: 1. To provide sound generic advice to members of the public on a range of issues related to personal financial management.
2. To sensitize individuals about the importance of practicing proper personal financial planning, which involves saving, budgeting and retirement planning in order to improve the quality of their lives.
3. To provide the population, particularly the socially disadvantaged, with the tools and skills needed to undertake basic financial transactions with confidence.
4. To educate individuals about financial products and services that are available and can improve and enhance their financial well-being.

Q: Why is the Central Bank of Trinidad and Tobago the body responsible for financial literacy in Trinidad and Tobago?  
A: The wider mission of the Central Bank of Trinidad and Tobago to ensure that the citizenry, through the practice of good personal financial management, can contribute to the success of the Central Bank’s monetary policy and financial institution development, makes this institution perfectly positioned to have oversight for the NFLP.

Q: Is there a cost to access the services of the NFLP?  
A: No. The services of the National Financial Literacy Programme (NFLP) are offered free of charge to the public.

Q: Can an individual get a financial literacy session?
A: Currently, the NFLP does not offer individual financial literacy assistance. The department however offers its services in group settings, with a minimum audience size of thirty (30) persons.

Q: What does a financial literacy session entail?
A: A financial literacy session entails an interactive and informative session presented by a facilitator on the topic of preference or on general money management for the requested period of time.

Q: What topics are addressed in financial literacy sessions?
A: Sessions conducted by the NFLP include, but are not limited to:
• Basic Money Management
• Retirement Planning
• Entrepreneurship
• Saving & Budgeting
• Risk & Credit Card Management
• Financial Attitude Adjusting
• Financial Fraud
• Mortgages & Home Ownership
• Debt Management
• Financial Products

Q: What is the average length of a financial literacy session?
A: Standard financial literacy sessions can range from one to three hours.

Q: Are there limitations to where financial literacy sessions are conducted?
A: The NFLP has a national focus, and thus is not opposed to offering its services at any part of the country once the safety of its staff is not compromised and once the basic session requirements are satisfied.

Q: How does an organization request financial literacy sessions for its members?
A: Requests for NFLP sessions can be made by sending formal correspondence on an Official Letter Head addressed to
Mr. Dominic Stoddard
Financial Services Ombudsman
Office of the Financial Services Ombudsman
1st Floor, Central Bank Building
Eric Williams Plaza
Independence Square
Port of Spain
or via email

Q: Can a financial literacy session be tailored to suit a particular audience?
A: Organizations, associations, companies or groups can specifically request focus be placed on certain financial literacy topics to satisfy the inherent needs of their audience.

Q: Does the NFLP participate in fairs and expositions?
A: The NFLP is an outreach department of the Central Bank of Trinidad and Tobago that is keen on delivering its services eventually to every citizen of Trinidad and Tobago through session delivery and external event participation. To request the presence of the NFLP in a fair or exposition, the same procedure applies as to request a session.

Q: Who is financial literacy not for?
A: From young children through to retirees, financial literacy is for everyone.

Q: Are financial literacy services offered in Tobago?
A: Yes. Citizens in Tobago can request financial literacy sessions by contacting the Financial Literacy Secretariat of the Tobago House of Assembly, located at Level 2, Victor E. Bruce Financial Complex, 6-10 Post Office Street, Scarborough. Tel: (868) 639-4412 – Ext. 3401, Email: 


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