The Power of Possible -A FINANCIAL LITERACY SERIES

592 GUARDIAN◊ACCOUNTABILITY◊INTEGRITY IN JOURNALISM◊GUYANA

The Power of Possible

Episode 2: Your First Financial Doorway

SPECIAL FEATURE BY: Staff Writer – September 2026

Getting a first job is a major step. But receiving a paycheck is only the beginning.

The next question is: where does that money go?

For many young people, the answer is simple: cash. It may be kept at home, carried in a wallet, given to a relative for safekeeping, or spent quickly because there is no easy or trusted way to save it.

A bank account changes that. It is more than a place to store money. It can be the first doorway into the formal financial system—the system that allows people to save securely, receive payments, make transfers, build a financial record and eventually qualify for services such as loans, insurance or business support.

But not every young person reaches that doorway easily.

Why a Bank Account Matters

A bank account can help you:

⇒ Keep money safer than storing it at home.

⇒ Receive salary payments directly and track what comes in.

⇒ Separate savings from everyday spending.

⇒ Pay bills, transfer money and make digital payments.

⇒ Build a record that may help when applying for a loan, rental, visa, scholarship or business service.

⇒ Reduce the risk of losing cash through theft, accidents or impulse spending.

Having an account does not automatically make someone financially secure. An empty account is still an account. But access matters because it gives a person more options when income begins to grow.

For a first-time earner, the goal is not to have a large balance immediately. The goal is to develop the habit of knowing where your money goes and keeping some control over it.

Opening an Account Is a Start

Young people should not wait until they are earning “big money” to open an account.

If you are working, freelancing, selling a service, receiving remittances or building a small side business, an account can help you separate personal money from business money and create a clearer picture of your finances.

Before opening one, ask the bank or financial institution:

⇒ What identification and proof of address do I need?

⇒ Is there a minimum opening deposit or minimum monthly balance?

⇒ Are there monthly fees, withdrawal fees or card-replacement charges?

⇒ Can I use online or mobile banking?

⇒ How much does it cost to transfer money?

⇒ What happens if my account remains inactive?

⇒ Is there a savings product suited to students, young workers or small entrepreneurs?

Read the terms before signing. If something is unclear, ask. A financial service provider should be able to explain its products in plain language.

Saving Is Not About Being Rich

One of the biggest myths about saving is that it is only for people with plenty of money.

Saving is first a habit, not a salary level.

Even a small amount set aside regularly can create breathing room. It can cover phone credit for a job interview, transport to work, a school expense, an emergency medical need or a small tool required for a side hustle.

For example, if someone saves G$1,000each week, they could have about G $52,000after a year. That may not solve every problem, but it can prevent a small crisis from becoming an expensive debt.

Start with an amount that is realistic. It may be G $5000 – G $10,000 or whatever fits after essential expenses. The important thing is consistency.

Cash, Cards and Digital Payments

Digital payments are becoming more common. They can make it easier to receive money, pay for goods and services, send support to relatives and manage a small business.

But convenience also brings risk.

Never share your personal identification number, password, one-time verification code or banking login with anyone—not a friend, not a seller and not someone claiming to be from a bank. A legitimate bank will not ask you to send your password or verification code through a message.

Be careful with unfamiliar links, urgent messages and social-media offers that sound too good to be true. Fraudsters often use pressure: “Act now,” “Your account will be closed,” or “You have won money.” Pause, verify through an official contact number or visit the institution directly.

Digital financial tools can support independence. But they work best when users understand both the convenience and the responsibility.

Financial Inclusion Means More Than an Account

Financial inclusion means that ordinary people can safely use useful and affordable financial services.

That includes more than banks. It can include credit unions, mobile-payment systems, insurance providers, remittance services and, in time, financing programmes designed to support training, housing, agriculture, small businesses and new ideas.

As Guyana considers new institutions and avenues for development finance, including a Development Bank, financial inclusion will matter even more. Young people cannot benefit from an opportunity they do not understand, cannot access or cannot afford to use.

A good financial system should not only serve people who already have assets, connections and established businesses. It should also help a young person with a sound idea, useful skills and a willingness to work take a credible next step.

Your First Financial Checklist

Before your first paycheck—or as soon as you receive one—try to do these five things:

Open a suitable bank or credit-union account and understand all fees and requirements.
Track what comes in and what goes out for one month.
Set aside a small emergency amount, even if it begins with only a few hundred dollars.
Learn how to use digital banking safely and protect your account information.
Keep records of income, payments and savings, especially if you earn from a small business or side job.

Financial literacy is not about pretending every young person starts from the same place. Some will have family support, stable work and access to banking. Others will be searching for work, managing irregular income or trying to get by in cash.

But every young person deserves the knowledge to recognise an opportunity, ask smart questions and avoid a costly mistake.

The purpose of a bank account is not simply to hold money. It is to help you build choices.

LEARN MORE: https://youtu.be/q5JWp47z4bY?si=lb4pLxSF3Poe_zVu

In Episode 3, we will explore one of the most important choices of all: how to use credit wisely—understanding loans, interest, repayment and the difference between borrowing to build and borrowing just to survive.