Fijians need to become financial savvy

February 1, 2023 10:00 am

Consumer Council Chief Executive Seema Shandil.

There is a need for collective and streamlined efforts to ensure greater levels of financial literacy among Fijians.

Consumer Council Chief Executive Seema Shandil highlighted this during panel discussion themed ‘Better Together: the networked path to financial literacy.

Shandil says Fijians need to become financially savvy.

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She says the world is changing rapidly and so does the financial markets with developments in technology and new and more complex financial products.

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Shandil says financial literacy is important now more than ever.

“It’s not only about empowering the people on the knowledge and understanding of financial concepts and risks but also the skills, motivation, and confidence to apply such knowledge and understanding in order to make effective decisions across a range of financial contexts.”

Shandil adds the event today will act as a platform to bring people together, network, share work and create opportunities for collaboration in order to avoid duplication and create a concerted effort to address financial literacy issues and way forward.

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She says there is also a need to understand the national levels of financial literacy which can be used as a baseline and set benchmarks for national strategies or particular programs to ensure that we achieve optimal level of financial literacy.

The Consumer Council CEO also says that COVID-19 pandemic changed the global landscape, affecting our financial, professional, and social environments.