Financial Education Fiji

FinEd Fiji is seen as a role model of best practice in the region. PFIP’s major accomplishment in the area of financial education (FinEd) thus far has been providing technical assistance and implementation support to the Fijian Ministry of Education and Reserve Bank of Fiji in rolling out financial education in the national school curricula, now impacting almost 200,000 students annually nation-wide, 48% of whom are female. The expected outcome is 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 national growth.

The FinEd Fiji programme began in 2011, with the aim of integrating learning about personal money management and investment into the curriculum for Fiji’s primary and secondary schools.  Beginning in 2013 with national implementation, every Fijian child will engage with the underlying premise “Save, Spend Wisely and Share” continuously in their compulsory subjects throughout their primary and secondary school years. PFIP continues to support the FinEd implementation, delivering several phases of teacher training aimed at strengthening classroom implementation.

PFIP has also organized knowledge exchange forums on FinED in the region, as well as delegation visits from Samoa to Fiji, with the aim of promoting Fiji as a centre of excellence for Financial Education in the region, and to share the implementation model and lessons learned from Fiji.

Modules developed for Fiji can be found on the RBF Website.

 

FinEd Fiji Journey 2011 – 2018

In October 2009, South Pacific Central Bank Governors Meeting (Fiji, Samoa, Solomon Islands, Vanuatu Papua New Guinea, New Zealand and Australia) endorsed the Money Pacific 2020 regional goals that had been formulated and agreed to earlier in August – September 2009 by Pacific Ministers for Finance and Education and made a commitment to lead action on building financial competency in their respective countries.

PFIP’s journey with the Fiji Financial Education project began in 2009 when the former Minister for Education, Ambassador Filipe Bole approached the United Nations (UN) following the Forum Education Ministers Meeting whereby the Samoa Enterprise Education project was presented.  Minister Bole envisaged a programme that would teach students in Fiji schools personal money management skills. 

In January 18, 2011, the Australian Government, Fiji’s Ministry of Education and PFIP launched the Fiji Financial Education (FinEd) project.  Financial Education has been placed as a curriculum perspective within the overarching National Curriculum Framework.  Subsequently, specific learning outcomes were introduced within syllabi for selected core subjects.

FinEd Fiji has been instrumental in nurturing behaviour change within the school curriculum from Year 1-12 for 205,000 students annually across 735 primary and 175 secondary schools nation-wide since 2013.

The FinEd curriculum was specially developed to facilitate behavioural change through educational games and activities in the classroom environment, with the aim of creating a generation of young women and men 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 national growth.

The FinEd project adopted exciting and innovative methods of teaching financial education, through educational games such as “Beware the Money Snakes” and “Time Saver”, very similar to snakes and ladders and monopoly board games, designed to teach students logical thinking and problem solving. By acquiring their own skills and recognizing their own values, students will learn to build and better their own financial understanding.

The project has won two international awards:

  • 2013 Maya Declaration Award from the Alliance for Financial Inclusion
  • 2016 Child Youth Finance International Award – Global Inclusion award
  • Currently under consideration for the Commonwealth Good Practices in Education Awards in 2018.

In early 2017, PFIP developed assessments tools to ensure that the students have grasped the concept of ‘save, spend wisely and invest’.  A pilot assessment took place in June covering 1400 students across selected year levels within a sample of primary and secondary schools. The results of the assessment tool have shown that students are generally well versed with the key concepts of financial education and are responding well to the curriculum.

From 2018, FinEd will be tested in all major national examinations in Fiji.