By FARRAH JOHNSON
A LOCAL tech start-up is seeking support to launch a financial and investment literacy programme aimed at teaching the millennial generation about the importance of investing and wealth-building.
Stacc Financial, a digital financial services company, is seeking a grant of $100,000 to help develop “Stacc Academy”, which will teach individuals between the ages of 23 and 38 about saving, investing and building wealth.
“In June we launched our beta app wait list which also provides access to a free 7 day stock trading email course,” says Kenneth Moncur, co-founder and chief tech officer. “Based on achieving over 1,000 signups within 24 hours it’s safe to say that Bahamians are interested in developing healthy financial and investing skills.”
Underscoring its main goal is to provide financial and investment literacy to people with “little or no access, privilege or knowledge”, the group plans to target select communities to help individuals reduce debt, increase savings and financial assets.
“Loan indebtedness is a reality for most Bahamians with a high number currently living from paycheck to paycheck,” a statement from the company read.
“Because of this and other outlying factors, we believe it is critical to develop a new solution to educate and support Bahamians to ensure they manage debt, thoughtfully consider the role of both loan and savings and develop habits to practice budgeting and investing.”
Stacc Financial insisted their programme is a worthwhile investment, because when people are financially illiterate, their communities tend to “suffer economically”.
The company said they are “committed” to promoting financial and investment literacy to ensure Bahamians are not burdened with debt which may have the potential to hinder them in future endeavours. Further, first time investors learn how to enter the stock market, build investment plans for financial gain and plan for a better quality of life.