KINGSTON, Jamaica–First Heritage Co-operative Credit Union (FHC) is encouraging Jamaicans to practice consistent financial planning through the launch of a new offering called the FHC Life Charter.
According to the credit union, the Charter is a conglomeration of more than 23 of the credit union's products and services presented in a “convenient, helpful way to highlight the ideal offerings for members at particular stages of their lives - from the unborn to retirees.”
"At FHC, we see that more Jamaicans are realising the benefit of financial planning and investment - putting a little away for a rainy day,” CEO Basil Naar told the Jamaica Gleaner. “But they come to us uncertain of what products are right for them, how much to save, how long to invest, and even how early to start. In our desire to make planning seamless for our members, our next step was to clearly match our full suite of products to the different stages of our members' lives - that's where the Life Charter comes in.”
The Life Charter has been divided into six phases that match the general financial goals to members' age, including: Right Start, YOUTH, Stepping Stone Years, Progress Years, Horizon Years, Prime of Life.
Right Start is designed for pregnant women. YOUTH stands for Young Ones United in Thrifty Habits and is for savers up to 16 years old and can be started with a minimum of $200. Stepping Stone is for persons up to 25 years old. Progress Years - is geared towards persons up to 35 years old and seeks to meet financial goals such as mortgage, advanced education, entrepreneurship and personal acquisitions.
The other categories include Horizon Phase with emphasis on investments; Prime of Life for persons over 51 and Prosperity Plus - a long-term investment that offers tax-free benefits.