SAVINGS – AN IMPORTANT VEHICLE FOR DEVELOPMENT

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SAVINGS – AN IMPORTANT VEHICLE FOR DEVELOPMENT

Earl Jarrett, General Manager of the Jamaica National Building Society has said savings is one of the vehicles through which improvement in various sectors of the society could take place.

“As a country, we are simply not saving enough. We spend too much money on games of chance. Last year we spent approximately $17 billion on gambling. Imagine what we could do for our economy if a portion of that were saved,” he said.

Speaking at the Correctional Services Co-operative Credit Union’s 45th Anniversary Banquet at the Altamont Court Hotel in New Kingston, Mr. Jarrett stated that another avenue through which a difference could be made was by talking less and saving more.

“We are a country of talkers. Jamaica has the record of having one of the fastest rates of growth in cellular phone use. It is difficult to imagine that these levels of spending exist in a low inflation economy such as ours, where there is tremendous benefit to saving,” he noted.

Mr. Jarrett commended the Organisation on its motto: “Encouraging members to save towards their future and reap the best rewards” and said he was proud that members of correctional institutions have recognized the importance of saving.

“Your impressive asset base of $199 million and members’ savings of $161.7 million show that indeed your members have bought into your motto. You have begun to build the foundation to show how important it is for us to save to grow ourselves out of the economic challenges we face today,” he said.

He also congratulated correctional officers who have given their services voluntarily to steer the organization towards achieving the level of growth it now enjoys. “This testifies to your strong commitment not only to personal development, but to national development,” said Mr. Jarrett.

The Correctional Services Co-operative Credit Union began in 1975 and has a membership base of 3,478.

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