This law sets up the ASPIRE program to teach financial skills, encourage saving, and invest in young people in Saint Kitts and Nevis.
ASPIRE stands for Achieving Success through Personal Investment, Resources, and Education.
Think of this law as setting up a starter nest egg for every child in the country. Instead of just teaching children about money in a textbook, the government opens an actual savings account for them, buys them stock in local companies, and teaches them how investments work from a young age.
- Young citizens between 5 and 18 years old who live in Saint Kitts and Nevis.
- Students and young people who will receive financial training in schools and community programs.
The law creates a special account called the ASPIRE Fund. Money for the fund comes from:
- Government funds approved by Parliament
- Financial grants
- Private donations
- Other sources approved by the Minister of Finance and Cabinet
The money in the fund will be used to:
- Open savings accounts for young citizens aged 5 to 18
- Buy shares in local companies for children aged 5 to 18
- Run financial literacy training in schools and public programs
A 9-member group called the ASPIRE Council will manage the money and oversee the program. The council includes a Chairperson appointed by the Finance Minister, the Cabinet Secretary, and representatives recommended by:
- The Premier of Nevis
- The Eastern Caribbean Central Bank
- The Saint Kitts Nevis Chamber of Industry and Commerce
- The Social Security Board
- The Bankers and Financial Services Association
- The Caribbean Confederation of Credit Unions
- The Ministry responsible for youth empowerment
This law will officially start working on a date chosen by the Cabinet and announced in the government Gazette.
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