Financial literacy is a critical life skill that protects young people from sophisticated digital scams and builds national economic stability, Central Bank Governor Larry Howai said, as he warned secondary school students that fraudulent schemes promising high returns—such as turning $500 into $2,000 in two weeks—are increasingly targetting youth via social media and direct messages.
Howai was speaking at the launch of the National Financial Literacy Programme’s (NFLP) secondary schools financial literacy club “Club FINLIT” in commemoration of Global Money Week 2026 which took place at the Central Bank yesterday.
This year’s observance, “Smart Money Talks,” serves as a call to action for the nation’s youth to move beyond simply possessing money to truly understanding how to manage it. Howai noted that the modern financial landscape, heavily influenced by social media and digital platforms, requires young people to be more vigilant than ever.
He cautioned students against the rising tide of sophisticated financial fraud and “get-rich-quick” schemes frequently found in direct messages and “For You” pages.
“You have probably seen posts promising easy money: ‘Invest $500 and get back $2,000 in two weeks.’ Let me be very direct with you: if it sounds too good to be true, it is a scam. Financial fraud targets young people like you, too. These fraudsters are getting even more sophisticated in how they approach you. You need to know how to evaluate financial information. Get familiar with asking key questions: Who is behind it, whether the company is registered, and what the real risks are. This is exactly the kind of critical thinking that financial literacy teaches you,” Howai said.
He stressed that the NFLP is specifically designed to provide students with these defensive tools, ensuring they can navigate the economy with confidence rather than uncertainty.
Beyond protection from fraud, the governor’s address focussed on the transformative power of consistent, small-scale saving.
Using a practical mathematical example, he demonstrated how saving just $20 a week could accumulate into significant “seed money” for a small business or personal milestones.
“Think about this: if you save just $20 a week starting today, by the time you break for July/ August, you will have $400. If you save for a year, that’s $1,000 set aside. That can tick off something on your wish list. It can start a driving lessons fund. It can even be some seed money for a small business. The power of small, consistent decisions adds up, and that is not theory; that is math,” the governor advised.
Howai also reminded students that financial literacy is a lifelong shield against peer pressure.
“We want to inspire you to build responsible money habits, recognise when emotions like peer pressure or the thrill of a sale are driving your spending, and develop the judgment to filter good financial advice from bad,” he added.
