Despite the protracted economic downturn, Barbadians are still looking to invest their money.
That is the word from managing director of Fortress Fund Managers Limited, Roger Cave.
Cave said that although the recession had resulted in a major decline in spending, Barbadians were still keen to invest in several of the funds and plans which his company offers.
He spoke to the DAILY?NATION on Saturday after the second annual Fortress Investment Forum at the Frank Collymore Hall, which featured Emmy award-winning actress and former Business anchor for CNN, Valerie Coleman-Morris.
“Barbadians have definitely been responding well to our products. We all know that times are difficult and it takes time, but we are constantly encouraging people to save,” he said. “The needs of today are always greater than the needs of tomorrow and with the economy in a tough state people actually don’t have the money to invest, so it really is a challenge.”
Cave acknowledged that the removal of tax incentives had made it more difficult to encourage people to save and invest.
However, he said that with the company’s continued efforts to create new plans which best suited consumers, some progress was being made.
The Fortress executive also said he believes there is a need for financial investment matters to be taught in schools to give students an early start in learning how to use their money wisely.
“By the time they are finished school, they understand Chemistry, Physics or Maths, but they don’t really understand money and investments,” he said.
It was for this reason that Fortress had chosen Coleman-Morris, a financial literacy advocate, as the featured speaker at this year’s lecture, he explained.
Cave said he hoped she could help educate the Barbadian public about the importance of saving and investing money. (RB)