Economic toolkit offers financial advice

FRIDAY, JULY 20: Bermuda has to reduce its dependency on the US economy, a Government Minister warned yesterday.

Marc Bean, the Minister for Environment, Planning and Infrastructure, said that Bermuda was closely tied to its nearest neighbour through tourism and business.

But he said the island should “not have all our eggs in one basket” and that the country needed to diversify to attract investment from the rest of the world, like Latin America, the Middle East and Asia.

Mr Bean was speaking as he joined Ianthia Simmons-Wade, the chairman of the Sustainable Development Round Table, to launch a new guide to coping with the recession and economic woes.

He said: “It contains valuable information that highlights the ways in which individuals and families can move towards a lower cash lifestyle.”

The Economic Toolkit — Tips for Tough Times booklet highlights ways people can cut costs and get advice if they are struggling financially.

Mr Bean said: “Several families and individuals have been directly affected by unemployment and/or underemployment.

“Consequently, the financial stress facing many is very real. As a result the Sustainable Development Round Table has decided to act, given the potential impact on our quality of life — our economic well-being, our social stability and protection of our environmental resources.”

Ms Simmons-Wade added: “The Sustainable Development Round Table believes that all families can benefit from this toolkit.

“For example, developing realistic budgets and making a commitment to stick to them, shopping wisely, use of public transportation and water and energy conservation.

“Other topics include food provision, health care options, counselling services and low cost entertainment.”

The guide contains advice on budgeting, what can be done if someone loses their job and assistance with healthcare, as well as money-saving tips for shopping and cutting down on power and water use.

It will be available in printed form in key locations and social assistance agencies.

The toolkit is also available at http://ww.sdbermuda.bm/what-we-do/roundtable-recommendations.