April 13, 2017
Suva, Fiji – The Reserve Bank of Fiji (RBF) and the National Financial Inclusion Taskforce announced the launch of the first National Financial Education (FinEd) Innovation Awards.
The awards aim to highlight and celebrate the achievements of teachers and primary schools in Fiji that have supplemented the Financial Education learning in their classrooms with innovative FinEd projects. These projects allow students to enhance and demonstrate their FinEd learning through real-life application of sound money management practices.
Schools can submit their entries under two categories:
Winning primary schools will receive $2,000 cash plus a trophy and winning primary school teachers will receive $1,000 cash with a trophy.
Judging criteria includes whether the FinEd projects undertaken by students have had an impact on the lives of the students, their families or community in the areas of saving, spending or investing and whether the financial behaviours of the students has been impacted.
Applications close on 19th May followed by an independent verification process before the winners are announced.
FinEd in schools is globally recognized as a best practice model to inculcate responsible financial behavior in children from an early age.
The Governor of the Reserve Bank of Fiji, Barry Whiteside, who also heads the National Financial Inclusion Taskforce said financial literacy is a key enabler of financial inclusion and commended the Ministry of Education for institutionalising financial education in Fiji.
Supported by the Australian Government, FinEd is an initiative of the Pacific Financial Inclusion Programme in partnership with the Ministry of Education and Reserve Bank of Fiji.
Fully implemented nationwide since April 2013, through FinEd learning, students are taught to manage personal finances and to invest. This learning, built around the topics of Save, Spend Wisely and Share is incorporated into compulsory subjects across 12 years of learning, beginning from Year 1.
Fiji is seen as a role model for FinEd in the region, and was recently recognized with a global award for the Asia & Pacific region during the 2016 Global Inclusion Awards. This Award was given by Child Youth & Finance International (CYFI) to Fiji to recognise its efforts in promoting financial literacy amongst youth and children.
“Thanks to the tireless efforts of Fiji’s school teachers, the expected outcome is to build a generation of young women and men leaving school with the requisite financial knowledge, skills and confidence to be able to make responsible financial decisions which are appropriate to their circumstances, whilst both making a living in the modern money economy and contributing to community and economic growth,” said Abigail Chang, PFIP Financial Education Specialist.
Since the roll out of FinEd Fiji, there has been ongoing teacher training at the district and school level, with a number of exciting implementation experiences impacting on the teaching and learning of 200,000 (48% are female) students every year.
PFIP is a Pacific-wide programme that has helped 1.5 million low-income Pacific islanders gain access to financial services and financial education. It achieves these results by funding innovation with financial services and delivery channels, supporting policy and regulatory initiatives, and empowering consumers.
PFIP operates from the UNDP Pacific Office in Suva, Fiji and has offices in Papua New Guinea, Samoa and Solomon Islands. It is jointly administered by the UN Capital Development Fund (UNCDF) and the United Nations Development Programme (UNDP) and receives funding from the Australian Government, the European Union and the New Zealand Government.