By Samisoni Pareti- at the 5th Pacific Media Summit in Nuku’alofa, Tonga
Nuku’alofa, Tonga – More islanders in four countries of the Pacific have improved their saving attitudes and saving behaviour by between 40 to 66 per cent, a report on the impact of a financial literacy programme has found.
The report of the study on the impact of the MoneyMinded programme of the Australian New Zealand Bank in Fiji, Samoa, Tonga and Vanuatu was released this morning at the 5th Pacific Media Summit by Jessie Cocker, deputy governor of the National Reserve Bank of Tonga.
Results of the study show that the percentage of participants of MoneyMinded who saved regularly increased in all the four countries.
It went up by 56% for Fiji and Tonga, 44% in Samoa and 40% in Vanuatu.
Participants who saved less than 25 FJD per week decreased by 30% in Fiji for example, while those who saved 25 FJD or more per week increased by 47%.
Those that monitored expenses closely also increased by “57%, 53%, 68% and 48% for Fiji, Samoa, Tonga and Vanuatu” respectively.
The study which was conducted by the University of the South Pacific also found increases in participants in all the four countries who:
Decreases were also established in all four countries of participants of MoneyMinded who:
“The research confirms that MoneyMinded is making an impact and ANZ will continue to support financial literacy in the Pacific because we believe that investing our efforts in this area is important,” said ANZ’s regional executive for the Pacific Tessa Price.
ANZ’s country head in Tonga, Manoa Kamikamica and Australia’s High Commissioner to Tonga, Andrew Ford were also at the launch of the MoneyMinded report today.
ANZ’s country head in Tonga, Manoa Kamikamica and Australia’s High Commissionerto Tonga, Andrew Ford were also at the launch of the MoneyMinded report today.