Financial Literacy is crucial in a digital economy

March 18, 2024 6:00 am

[File Photo]

The International Monetary Fund emphasizes the critical role of financial literacy in driving the country’s digital economy forward.

IMF Mission Chief for Fiji, Marshall Mills highlights that as Fiji embraces digital money, there is a growing need for stronger and broader financial literacy among its citizens.

The IMF Mission Chief points out that it is insufficient simply to make digital platforms available.

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“Digital money requires stronger and broader financial literacy. So it’s not enough to just make the platforms available. You need to help the consumer, the user understand how best to use them.”

Finance Minister, Professor Biman Prasad, echoed similar sentiments, expressing optimism about the government’s efforts to enhance financial inclusion among the people.

“Getting the Indian government to help us create a system, a national identity system, which will help much better financial inclusion for our ordinary people.”

The IMF believes that enhancing financial literacy will be crucial as Fiji continues its journey towards a more digital economy, empowering individuals with the knowledge and skills to navigate the digital financial landscape.