Chairman of the Economic Growth Council (EGC), Michael Lee-Chin, has made a passionate plea for Jamaicans to save and purchase more assets, warning that foreigners will sweep in as the economy begins to strengthen.
Lee-Chin, who was addressing the EGC’s is quarterly media briefing recently at Jamaica House in St Andrew, lamented that citizens consume a lot and do not save as much.
“We in Jamaica need to develop a culture of saving. We don’t save. We dis-save; we consume,” Lee-Chin, who is also chairman of the National Commercial Bank lamented.
He called for Jamaicans to delay gratification and curb consumption to enable more savings.
Asia, Lee-Chin said, has had a long-term period of sustainable growth for decades because citizens save. He said the saving rate on the continent is as high as 40 per cent of disposable income.
“So, it sets the stage for long-term growth. So, in Jamaica, we have to realise that a part of all I earn is mine to keep. I shouldn’t be spending all that I earn, I should be saving,” he advised.
Lee-Chin said the minimum that should be saved is 10 per cent of one’s take-home salary.
However, the EGC chairman said saving is just the first step Jamaicans should be employing as the economy begins to take off. He said nationals must also look at investing in stocks and in businesses.
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