With many mortgage advisors cautioning that having adequate funds for the deposit, to purchase a house continues to be a major deterrent for many young professionals becoming homeowners, three children in St Andrew are embarking on the process early.
The students, eight-year-old Samir Azan; seven-year-old Zaden Azan; and five-year-old Riley Clarke, have received a kick-start to save the deposit for their first home.
The youngsters earned their first โpay chequeโ at the โIn Da Houseโ mortgage expo, a joint venture organised by Re-Max Elite, JN Bank and the National Housing Trust, (NHT) earlier this year, by selling lemonade and popcorn. The venture earned them $6,000.
They were given a further push by the JN Bank and ReMax, who both matched the figure for each child. The cheques were handed over during a ceremony held in New Kingston on Thursday, November 23.
The three youngsterโs earnings will be placed in a JN Bank savings account, earmarked towards their starter homes.
Collet Kirkcaldy, general manager, Re-Max Elite, said the organisation decided to include children in the mortgage expo, as one way to teach them about good money management practices and the importance of saving towards a goal.
โIt is important to teach our children how to save and to plan ahead for what they want,โ Ms Kirkcaldy said.
Frances Ross, business relationship manager, for the JN Bank Developer-Real Estate Affiliate Programme, said the financial institution is no stranger to teaching children about good money management practices and financial literacy.
โWe certainly didnโt hesitate to be a part of this initiative; and, to assist in empowering our children with the necessary tools to achieve their dreams,โ she said.
Samantha Azan, mother of Samir, said she appreciated the learning experience, which the initiative provided for her son.
She also noted that, with the new Primary Exit Profile (PEP) in schools, the venture offered an opportunity to provide children with practical experiences in the management of money.
โThey had a chance to understand how money works; how to earn it; and, how to save it,โ she said; and declared that, โIt was a great way to apply real world experiences, along with what they are learning in school.โ
