Shania Shayal Prasad 
[Photo Credit: DepositPhotos]
Many Fijians continue to prioritise spending over saving, which remains a key challenge for households and individuals across the country.
This has been highlighted by Life Insurance Corporation of India General Manager Suva Pradeep Shenoy during the launch of two new products in Suva.
Shenoy states that financial literacy plays a significant role, as many people still do not fully understand the importance of setting aside money for long-term security.
“Financial literacy in Fiji is a challenge. Customers are not well versed with financial jargon or investments or insurance, interest rates, or the cost of borrowing; those things are not very easy for people to grasp in Fiji.”
Shenoy states that building a savings-first mindset is crucial, especially as more elderly Fijians face financial insecurity in retirement.
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