The Fiji Development Bank will continue its money smart initiative for Form Three students and also introduce a programme called ‘invest smart’ for students in Form Four.
A memorandum of understanding was signed between the FDB and the Ministry of Education on Thursday to seal the agreement.
FDB chief executive officer, Mr Deve Toganivalu said ‘money smart’ was a financial literacy programme they developed in 2007 with the Ministry of Education and was taught under the commercial studies syllabus for students in Form Three.
“The ministry and the bank recognises an opportunity here to expand its financial literacy programme into Form Four with a new name called ‘invest smart’, which will develop a positive attitude towards maintaining an investment plan.” he said.
Since its inception in 2007 the ‘money smart’ programme has helped 15,904 students save a total of $311,000.
“A problem faced by the bank is the lack of financial literacy by it’s investors, which usually led to failures,” Mr Toganivalu said.
“The ‘invest smart’ programme will enable students to recognise the enterprising skills learnt at Form Three money smart programme to generate income into finance investment.
“The ‘invest smart’ programme will also educate students how to select and use the relevant information gathered to make informed investment decision.”
Mr Toganivalu said financial literacy was the cornerstone to helping our young people become not only enterprising adults but also responsible adults when it comes to managing their personal and / or business finances.
Senior education officer, Ms Salaseini Lesi said one of the main reasons for continuing the programme was the interest shown by students themselves.
“It is really encouraging to see so many students, who are interested in this programme, and I am so glad that FDB has given us this opportunity to carry on,” Ms Lesi said
“It will be good for the Fiji’s economy in the future as these students will become very good businessmen and women who will contribute to growing Fiji’s economy.”
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