November 04, 2011

Low income households to be assessed on "financial competency"

I don't know about you but these kinds of projects are an exercise in futility if one reads their media releases at face value.

A patronizing approach to surveying low income households on their "financial competency" skills is a laugh a minute.

Truth be told low income households could probably teach the illegal and treasonous military regime and all their "aiders and abettors" a few things like prioritization and making do with less.

What is even more hilarious is the illegal expansion to the mandate of our central bank whereby its enabling legislation clearly highlights its principal functions as being:

a) to regulate the issue of currency, and the supply, availability and international exchange of money;
b) to promote monetary stability;
c) to promote a sound financial structure; and
d) to foster credit and exchange conditions conducive to the orderly and balanced economic development of the country.
National survey to assess financial competency of low income households  
Ministry of Information

Nov 03|14:22 pm 
A national survey on the financial competencies of low income households will be conducted in Viti Levu and Vanua Levu beginning this month. 
Financial competency comprises the knowledge and skills people have with regard to money and money related activities and the various behaviours people adopt when looking at financial management. 
The data collected from this survey will assist the Reserve Bank of Fiji and stakeholders to have a better understanding on how people manage money and use financial services in Fiji.  
The baseline survey of financial competencies will measure current levels of financial literacy, financial behavior and assess this against the well being of households. 
The Governor of the Reserve Bank of Fiji, Mr Barry Whiteside says that the survey will assist stakeholders, which includes the government; financial institutions, schools and civil societies to develop a national financial literacy strategy
The strategy will address important issues such as the type of financial literacy training that needs to be provided, the appropriate types of financial services as well as the kind of policies, strategies and action plan needed to strengthen financial literacy in Fiji. 
He reiterated that the outcome will be beneficial to everyone in Fiji. The outcome report is expected to be available in the first quarter of 2012. 
The survey project is being managed by the Reserve Bank of Fiji, in partnership with the Pacific Financial Inclusion Programme and the Fiji Bureau of Statistics.

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