WILLEMSTAD - On November 3, 2023, the Ministry of Social Development, Labor, and Welfare (SOAW) organized the "Prevention & Education" conference on responsible money management and the impact of debt on the entire community. With participants from various government agencies, labor unions, care facilities, employees in the financial sector of the government, and private sector organizations, the focus was on financial well-being in Curaçao and the importance of responsible financial behavior and how to promote it.
Inspiring speakers from both the Netherlands and Curaçao, along with an engaging panel discussion, shared knowledge and discussed the current situation in Curaçao. This conference marks the kickoff for further policy steps that SOAW is taking in this area, including collaboration with NIBUD and the establishment of the National Commission for Responsible Financial Behavior and Financial Well-Being, also known as the "Money Management Commission."
Minister of SOAW Ruthmilda Larmonie-Cecilia opened the conference with an inspiring presentation, emphasizing that sustainable development of families and neighborhoods is central in the policy domain of SOAW as outlined in the Government Program 2022-2025. This includes a focus on how our community handles money and the debt issues in Curaçao. Larmonie-Cecilia stated, "For the Ministry of SOAW, it is crucial to prevent citizens in our community from falling into debt and potentially ending up in hopeless situations. As known, the impact of this problem is significant, affecting both the debtor, the creditor, businesses, and, therefore, all of Curaçao. Unfortunately, we have observed that the issue of debt in Curaçao has only increased in recent years, so it is truly time for action."
The conference continued with a powerful speech by Dr. Jurenne D. Hooi, an independent advisor, educator, and experienced supervisor in the social domain. She has a keen understanding of poverty alleviation, inclusion, and good governance, and is also the author of the book "Eigen Schuld..." Dr. Hooi shared her expertise and insights with the audience. Dr. Hooi, being born in Curaçao, was able to establish a strong connection with local issues.
Next, Prof. Dr. Wilco van Dijk, a professor of Economic Psychology at Leiden University in the Netherlands and the director of the Knowledge Center for Psychology and Economic Behavior, took the stage. His presentation provided valuable insights into the psychology of economic behavior. The Knowledge Center has extensive experience and knowledge in the impact of financial stress, both in the Netherlands and internationally. The Ministry of SOAW is collaborating with the knowledge center to utilize this expertise in developing appropriate initiatives for Financial Well-Being in Curaçao.
The final speaker was Dr. Arjan Vliegenthart, the Director-General of NIBUD, the National Institute for Budget Information. Dr. Vliegenthart shared his expertise and insights on budget information and financial well-being. NIBUD recently conducted a study on the BES islands concerning financial well-being in those regions. This research, among other factors, has motivated Minister Larmonie-Cecilia to establish a partnership with NIBUD to conduct an intensive study on the financial well-being situation in Curaçao in the coming period, similar to the study carried out on the BES islands. Additionally, they will collaborate on initiatives to improve the financial situation of Curaçao's citizens.
After a short break, an engaging panel discussion on the "Situation in Curaçao" followed. During the discussion, various focal points and challenges were addressed, and valuable feedback was received regarding problematic situations that pose a challenge to the island. The panel members included Drs. Shekina Dare, Drs. Jurenne Hooi, Mrs. Jeannette Juliet Pablo, and Drs. Ersilia de Lannooy. Many comments and cases from the audience highlighted current community issues. For example, some potential reasons why people borrow money were discussed, such as their citizenship status or living in poverty due to a lack of income. Additionally, the pressure often faced by men to provide for their families was emphasized.
The Ministry of SOAW is committed to addressing responsible financial behavior and financial well-being systematically and comprehensively. As a result, the National Commission for Responsible Financial Behavior and Financial Well-Being, also known as the "Managing Money" Commission, was recently established. This commission will oversee collaboration with various stakeholders in this field and ensure the implementation of structural policies and actions to promote responsible financial behavior and financial well-being in Curaçao. The commission plays a pivotal role in striving for a financially healthy society.