Panel discussion addresses challenges and OPPORTUNITIES IN PROMOTING fiNANCIAL LITERACY
On February 1st this year, the Consumer Council of Fiji hosted a Financial Literacy Panel Discussion at Holiday Inn, with the theme, “Better Together: The Networked Path to Financial Literacy”.
Present at the discussion was the Minster for Finance, Strategic Planning, National Development & Statistics, Biman Prasad and representatives from the Banking Industry, International organisations, and Statutory Bodies, with the inclusion of Academics from reputable Tertiary Institutions. The aim of the Panel discussion was to identify gaps, challenges and opportunities in promoting financial literacy on Grass root and Academic Levels.
Also, the discussion delved into the role of policy in fostering the challenges faced, and how it can provide a way forward in encouraging financial literacy across the different levels of society. Consumer Council of Fiji chief executive officer, Seema Shandil said financial literacy now was more important than ever, and it was not only about empowering the people of Fiji on the knowledge and understanding of financial concepts but also the skills, motivation, and confidence to apply it in order to make effective decisions across a range of financial contexts.
“As we are all experienced firsthand, the COVID-19 pandemic changed the global landscape, affecting our financial, professional, and social environments,” she said. “The sudden disruptions caused by this public health crisis continues to present economic challenges with growing repercussions. While some factors affecting financial well-being are beyond individual control, financial knowledge can help people better manage their finances through times of hardship and times of prosperity.”
She said the Council felt that a rigorous National Consumer Financial Literacy Measurement Survey should be conducted in conjunction with stakeholders.
“The findings will provide information based on different age cohorts, demography, and geographical locations, to policy makers, regulators, the private sector, and academics to help develop effective financial education policies and programs,” Ms Shandil added. Meanwhile, Mr Prasad said financial literacy has to start at home and children have to be taught about saving.
“Parental engagement in this issue is very important and instilling these ideas at an early age could have a lifelong impact on how those who grow up eventually find themselves in a particular fit in the financial world and in life generally,” he said.
He also revealed that the Government would relook at laws to ensure that bank process is not an obstacle for people who open bank accounts.
“In some sense, it is almost a nightmare for some people to actually open a bank account,” he said. “So, it’s very important that our banks also play an important role, use some resources from within the banking system to ensure that financial literacy, financial inclusion is undertaken in a systematic and in a sustainable manner.”
Also part of the discussions were heads and representatives from a number of major partners and stakeholders including the United Nations Capital Development Fund, Vodafone, Digicel, Westpac,
ANZ, HFC, University of the South Pacific, Fiji National University, University of Fiji, Fijian Competition and Consumer Commission, Fiji National Provident Fund, Reserve Bank of Fiji, Business Assistance
Fiji, Fijian Development Bank and Financial Management Counselors Association of Fiji.