Working people falling into the debt cycle

February 2, 2023 12:51 pm

Fijians need to develop sound financial habits because even the working population is falling into a cycle of debt, says Consumer Council Chief Executive Seema Shandil.

Shandil highlighted this during the panel discussion themed “Better Together: The Networked Path to Financial Literacy.”

Shandil says financial literacy is important now more than ever.

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“So it is sad to see that the highly educated and working populations are the ones who are not even able to manage their finances well, so that means we need to focus on tailor-made programs aimed at all segments of the population, whether they are working or non-working people or the vulnerable.”

Consumer Council Chief Executive Seema Shandil.

Finance Minister Professor Biman Prasad says banks also play an important role in this.

“Use some resources from within the banking system to ensure that financial literacy and financial inclusion are undertaken in a systematic and sustainable manner.”

Finance Minister Professor Biman Prasad.

Prasad says if financial literacy is to begin at home, then there is also a need to focus on the education system.