Although they account for 60 per cent of small and micro business owners and head more than 40 per cent of single parent households, women in Jamaica continue to face barriers to homeownership.
“At more than half the population, women are significant drivers of economic growth, making key economic decisions for families, yet many still face barriers to owning a home” comments Leesa Kow, managing director, JN Bank.
Acknowledging that women are among the fastest growing segments of those seeking to purchase a home, Ms Kow noted that empowering women as homeowners is important to the economic agenda.
“Women are our nurturers and make many, if not most, of the economic decisions that concern our households. Therefore, as homeowners we are placing them in a position to provide their families with a better economic start in life,” she opined.
She noted that beyond the financial barriers women face based on their participation in the labour force, knowledge of the homeownership process is also a hindrance.
“Many people don’t fully understand what it takes to prepare for the homeownership process, which also goes back to the low level of financial literacy among the population,” she said. “Therefore, on International Women’s Day, March 8, we will be providing some of our women with the opportunity to ‘accelerate’ their journey towards homeownership in a hands-on workshop,” Ms Kow revealed.
The workshop, dubbed ‘Accelerating Action to Homeownership’ will immerse some women in education about the mortgage process, to include, how to financially prepare for a mortgage and homeownership, how to avoid common mistakes made during the home buying process, as well as educate them about the various mortgage options available to them, loan terms and interest rates.
“What we want is for our women to be confident knowing that they can nurture their families and start a legacy that will impact generations,” Ms Kow said. “And at Jamaica National, we are here to help them find a way.”
