Strong savings culture needed: Dr Kishore
May 31, 2019 12:14 pm
Academic Economist Dr. Rohit Kishore
There is a need to build a strong savings culture across the Pacific.
Academic Economist Dr. Rohit Kishore says Fiji is becoming the expenditure society where people spend whatever they earn.
Dr. Kishore says people are now living on credit.
“Whatever most of us earn is gone. We can’t save. Banks are increasing the interest rates on savings. Lately, I have seen they have gone to 6.5 savings interest rate. If you put your money for 6-5 years it is the highest I have seen. So that means the bank wants money.”
Savings is basically the only way to ensure Fijians can afford to buy and do the things they want not just now, but in the future too.
There needs to be more awareness to educate people on the importance of saving.