We Bermudians do have a unique culture, no question about it. Our music is unique, influenced from many sources: yet stands on its own identity as local musicians will make melodies individualistic, as part and parcel of their artistry.

Our language is unique. In researching how our Bermuda dialect evolved, I found the work of the Government Cultural Affairs division, Brittani Cann-Fubler, Rosemary Hall, the Um Um shows, and most recently, Bermemes, Bermuda Shorts and more, all highlighting our “spashul” linguistic expressions.

We are unique, and yet we are also homogenised, being exposed on a continual basis to the outside influences of our neighbours, near and far, from whom we purchase most of our food, goods, clothing, electronic gear, trinket bling and more.

We are also influenced in our money management both from internal needs and wants as well as from outside market stimulation and investing access from everywhere else.

Our pensions are invested within and without Bermuda’s environs.

Our money is in a continual exchange with other currencies.

And we have been, like most investors, subliminally conditioned over time to react to financial stimuli information – making some decisions that are successful and others that do not have the greatest benefit in the long run.

One can argue that is not the least bit true, that most people only make rational, clear-cut financial decisions.

But, if we buy into the thought process that we are more like our neighbours than we want to admit, then it is probable that due to the Covid-related economic events of the last two years, the pandemic financial resolution, and now high cost of living inflation, some may have missed a bit in money management mindsets, while others have been bruised, financially.

Current US statistics bear this out, see chart, where those with higher financial literacy rates are able to better manage finances in good and tough times.

It can be said that “we cannot go backward to revisit the past except to learn clarity in thinking, we can only go forward”.

If you and / or your family are feeling a lack of financial control, here is a great opportunity to fine tune your finances, get back on track, and add to your money management knowledge.

Island residents, particularly those who are older, but not old enough to retire, facing the reality of an even higher retirement age, and still wanting to remain in the workforce, should take advantage of this opportunity also to refresh personal financial management skills.

The CFA Financial Literacy Series and the Bermuda College PACE programme will start on Wednesday evenings, via Zoom, from 6pm to 8pm for four weeks beginning on September 28.

Registration details are available from at the PACE website at https://www.college.bm/pace .

According to the CFA Bermuda, financial literacy is a combination of natural awareness, knowledge, skills, attitudes, and behaviours necessary to make some financial decisions and ultimately achieve individual financial wellbeing.

Topics to be covered:

• Understand the role of values in your financial decisions and develop financial goals that are based on your personal values

• Learn how a budget is a spending plan to help you to reach your financial goals

• Understand, identify, and improve sources of income

• Develop an awareness of how you spend and the importance of planning for expenses

• Understand the role of debt in your financial life

• Create your plan for your retirement

Robin Masters, of the CFA Society Bermuda, said: “We want to support people towards greater financial health. There seems to be an assumption that people just become financially literate, yet there is little to no formal schooling that addresses the topic.

“While it is partly learnt from experience, there is an education component, and this course is designed to give people that basic knowledge and level of understanding to strengthen their financial capability.

“We do that by providing unbiased, factual information combined with discussions, where we create conversations around money and share our experiences with each other.

“The instructors are a diverse group of volunteers who believe that the importance of financial literacy cannot be understated.

“All instructors are CFA charter holders who work in the financial services industry and have significant knowledge in all the areas that the course covers.”

This means those participants will receive guidance from trained professionals. The CFA programme is a three-part exam that tests the fundamentals of investment tools, valuing assets, portfolio management, and wealth planning. The programme is typically completed by those with backgrounds in finance, accounting, economics, or business.

CFA charterholders earn the right to use the CFA designation after programme completion, application, and acceptance by CFA Institute.

CFA professionals in the investment industry are stewards of capital – they help clients make investment decisions, invest their money, and provide services to enhance financial markets.

The scope of these services can include trading, asset management – constructing and managing investment portfolios and funds – and along with their firms, regulation of these systems.

So, readers, again here is an opportunity to have the professionals work with you, to help you enhance managing your finances for today and in the future, at a very reasonable price and in the comfort of your own home.

Here is the challenge for us all in Bermuda: to become financially unique by raising financial literacy so that every interested student and adult resident has more success in achieving financial wellness.

We need to be as proud of our financial acumen as we are of our culture and language!

References

CFA Society Bermuda mission is to develop and support basic financial literacy education within the community, https://www.cfasociety.org/bermuda/Pages/Financial-Literacy.aspx

Financial literacy education could help to steer Bermudians towards good careers, Martha Harris Myron, https://tinyurl.com/suejmuda

Bermuda Culture Documentary Series, Episode 2, “Wha Ya Sayin?” with Brittani Cann-Fubler, linguistic and speech therapist, Master’s in human communication, and others, https://www.youtube.com/watch?v=HQ3sgnhUV4Y&t=166s

Bermemes and Bermuda Shorts, an enthusiastic group of skits and commentary on Bermudian dialect, manners, enthusiasm, culture and way of life, https://tinyurl.com/2frmcrk2

• Martha Harris Myron is a native Bermuda islander with US connections. Author of Bermuda’s First Financial Literacy Primer – The Dawn of New Beginnings and Bermuda – Bermy Island Finance Blog, http://marthamyron.com/bermuda-finance-blog. All her media proceeds donated to the Bermuda Sloop Foundation. Contact: martha.myron@gmail.com