Global Money Week
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2017 Fiji Global Money Week

Leading Organizations:
Reserve Bank of Fiji

Participating Organizations:
Ministry of Education, Heritage and Arts
Ministry of Finance
ANZ Bank
WestPac Bank
Bank of Baroda
HFC Bank

The Reserve Bank of Fiji (RBF) will be leading the charge towards raising awareness and pioneering initiatives on financial education and inclusion of children in Fiji this year during Global Money Week. There will be two main initiatives that RBF is leading which will be part and coincide with Global Money Week 2017:

  1. The ‘be Money Wi$e’ (bMW) Program: The bMW program was launched in 2013 to provide learning opportunities for school children in regards to investing in Fiji’s capital markets. bMW Program aims to use fun-filled activities to promote the importance of acquiring good money management skills with a particular focus on understanding the concept of investing, available investment products in Fiji’s capital markets and create awareness on the roles and responsibilities of an investor.

  2. The RBF Student Diary Program: The Student Diary program was initiated by the Reserve Bank to complement financial education and promote financial literacy awareness in our community.

Under the bMW program, the Ministry of Education, Heritage & Arts (Ministry) in partnership with the Reserve Bank of Fiji (RBF) has rolled out the 2017 National Poster Competition (Competition) for Primary Schools under the theme: “L’il Champs can be Money Wi$e too!” to promote financial education. This has also been made possible through partnership with the ANZ Bank, Westpac Bank, Bank of Baroda, and HFC Bank. The categories were further divided to outreach as many levels of education as possible and with differing themes, which are as follow:

  • CATEGORY 1: Year 1-3 – “Saving, Sharing and Spending Wisely”

  • CATEGORY 2: Year 4-6 – “Budgeting – Save for a better future”

  • CATEGORY 3: Year 7-8 – “Invest and Grow Your Money”

Prizes for each category will be given to the students and their respective schools.

On the other hand, under the RBF Student Diary Program, the Reserve Bank of Fiji will be launching the seventh edition of its student diary at PT Shreedhar Maharaj College in Nausori. The Governor of the Reserve Bank, Mr. Barry Whiteside communicated that a total of 4,000 copies were printed which will be distributed to 26 secondary schools around Fiji, mainly those in the rural and maritime areas. The student diaries will be distributed after students receive financial education classes and lectures.


2016 Fiji Money Week

Leading Organizations:
Reserve Bank of Fiji

Participanting organizations:
Ministry of Finance Fiji
Ministry of Education Fiji

Date of the event:
14th - 17th of March


Total number of children & youth engaged: 3 865

Celebrations for Global Money Week in the country were led by the Reserve Bank of Fiji (RBF). Continuing their efforts in empowering young people to become responsible economic citizens, the RBF promoted and shared the importance of being 'money-wise'. This was done through various activities across the week, included the distribution of learning materials to develop money-wise habits and listening to young people’s views on how they could reshape their economic futures.

Activities organized this year were built on those of previous years that have proven to be successful. "Be Money Wi$e – securing my future goals today", an essay competition on GMW 2016’s theme of "Take Part. Save Smart." was launched before the start of Global Money Week where students from across the country could participate. These essays were then judged and awarded at the end of Global Money Week. Additionally, these essays were also used by the bank to listen to the voices of the youth and understand their concerns and aspirations towards saving and money habits.

Further to this, the activities during GMW 2016 also included distributing financial literacy materials and holding classroom sessions about money management, making better decisions between a want and a need, always taking into consideration the future, and fostering the habit of saving. Representatives from the Reserve Bank of Fiji have shared that the experience for kids has been overwhelmingly positive. Moreover, the kids have been very grateful for both the school materials and the new lessons they have learned about how they could manage their allowances today, and be good in managing their salaries or businesses in the future.

 

2015 Fiji Money Week

Participants:
Reserve Bank of Fiji
Ministry of Finance Fiji
Ministry of Education Fiji
Fiji Development Bank
Pacific Financial Inclusion Program
Capital Markets Development Authority
Fijian Holdings Unit Trust
Unit Trust of Fiji
VB Holdings Limited
South Pacific Stock Exchange
Date of the event:
3rd of February - 17th of March
Number of children reached:
3 224

The Reserve Bank of Fiji led this year’s Global Money Week celebration in the country. Continuing their efforts in empowering young people to become responsible economic citizens, the Reserve Bank of Fiji (RBF) has promoted and shared the importance of being 'money'. This was done by a mixture of giving away materials to develop money-wise habits and also listening to young people’s views on how they could reshape their future. In this mission the Reserve Bank of Fiji works in cooperation with the Capital Markets Development Taskforce, with key support from the Ministry of Finance of Fiji, the Fijian Holding Unit Trust and the Unit Trust of Fiji.

“Be Money Wi$e – securing my future goals today”, an essay competition on Global Money Week 2015’s theme of “Save Today. Safe Tomorrow.” was conducted in February 2015. Students in the age group of 15 and 19 years participated in the competition penning and sharing their thoughts on how they could secure their future goals by becoming wiser in the way they handled their money from an early age. The event was widely supported and promoted throughout various secondary schools across the country. The most impressive entries totaled to 224, with 165 from the Western Division, 50 from the Central Division, eight from the Northern Division, and one from the Eastern Division.

The Governor of the Reserve Bank of Fiji expressed his joy at the critical ideas in the essays and general enthusiasm to take part in the competition. The governor shared that it was good to note that many students appreciated the importance of saving towards future goals in their essays. Also, students were now able to identify with the capital markets. He hoped that this would improve in the future and thanked the Ministry of Education for teaching children about basic money management skills, including saving and investing.

Further, the activities during Global Money Week also included distributing financial literacy materials and holding classroom sessions about money management, making better decisions between a want and a need, always taking into consideration the future, and fostering the habit of saving. These are also complemented by the Reserve Bank of Fiji’s distribution of copies of the 2015 Student Diary Dawasamu Secondary School students in Tailevu (a rural area in Fiji). The Governor of the Reserve Bank of Fiji describes the Student Diary as a useful and practical tool designed to assist the students with their daily and future plans. The Governor furthered that this and other initiatives could have not been possible without the Ministry of Education, Fiji Development Bank, Pacific Financial Inclusion Program, commercial banks and other financial institutions that provide critical support in improving financial literacy and access to financial services in Fiji. Notably, the Ministry of Education reported that the value of students’ savings and investment in 2014 for the Fiji Development Bank funded “Money Smart” program had increased to $628,398 from $453,302.87 in the previous year.

 

2014 Fiji Money Week

Participants:
Reserve Bank of Fiji
Date of the event:
17th - 18th of March
Number of children reached:
4 000

Reserve Bank of Fiji and Vuli the Vonu (the national financial literacy champion) celebrated Global Money Week by organizing an informative event called “Students Encouraged to Be Money Wise”. During the Global Money Week, the Reserve Bank distributed over 3600 student diaries through the Ministry of Education to more than 30 schools in Fiji, as part of the of the Reserve Bank of Fiji’s continuing efforts to raise awareness on financial literacy. Governor of RBF Mr. Barry Whiteside expressed the importance of financial education and encouraged children and their parents to actively learn about finances.

Reserve Bank of Fiji and Vuli the Vonu, a national Financial Literacy Champion, presented copies of the latest RBF Student Diaries to Yat Sen Secondary School students at their school assembly. The Governor of the Reserve Bank highlighted that financial education is now taught in core subjects in the classroom, therefore parents, guardians and teachers need to support students with their studies and help them to translate classroom learning into better decisions and actions, such as prioritising their wants and needs, planning ahead, prudent spending and making a life time habit of saving.

The Governor said that improving financial literacy and competencies of all Fijians indirectly contributes to consumer empowerment and promotes a more robust and efficient financial system, which can add to national savings and supports economic growth. Studies have shown that good personal money management skills can make a positive impact on achieving one’s personal and financial goals. It is with this theme in mind that the Reserve Bank of Fiji designed the 4th edition of the Student Diary that is targeted at high school students. The colourful handy size Student Diary has been designed for students from forms 4 to 7. This years theme, “be money wise”, focuses on ‘money smart’ principles of saving and investing. The Diary includes other useful financial information and budget planners to help students keep track of their income and expenses, while also allowing them to plan their daily activities and studies.

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