- April 20, 2018
- Posted by: fnpf_editor2
- Categories: Media Articles, News & Media
Approximately 73% of FNPF members have balances of $10,000 or less.
This statistic has led the Financial Literacy Working Group of the National Financial Inclusion Taskforce to partner with the FNPF, the Reserve Bank of Fiji and the UN’s Pacific Financial Inclusion Programme (PFIP) to create an awareness campaign on the dire need to save for retirement.
Chief Executive Officer of the Fiji National Provident Fund, Mr Jaoji Koroi said many Fijians are not planning ahead and preparing for a comfortable retirement and end up living below the poverty line.
“We are taking action to encourage our citizens to rethink their retirement. We want them to first understand that retirement is a certainty in life and whether they have enough saved to live comfortably after retirement. So creating awareness is the first step and then secondly helping our members to have a retirement plan – preferably as a long term goal. We are also showing them various ways in which different financial products can help them prepare for retirement,” Mr Koroi said.
An on-going challenge for the Fund is the low member balances specifically for those nearing retirement age.
“Our FNPF statistics are telling us, that the sooner we start planning for our retirement, the more time and options we have in achieving our long term retirement goals. If we leave it too late, then we will be forced to make drastic changes to our lives when we are retired” he added.
The Expo will be held from 23 – 27 April at the FNPF Downtown Boulevard from 9.00am – 4.30pm.
Organised by a subcommittee of financial institutions and government ministries, the Expo will feature 23 exhibitors: ANZ, BSP Life, BSP Bank, BRED, FNPF, Fiji Public Trustee Corporation, FDB, HFC Bank, iTaukei Affairs Board, ITLTB, Kontiki Finance, Ministry of Agriculture, Ministry of Lands & Mineral Resources, Ministry of iTaukei Affairs, NCSMED, SPBD, Unit Trust of Fiji, Westpac, Fijian Holdings Unit Trust, Merchant Finance, Housing Authority, South Pacific Stock Exchange and the Reserve Bank of Fiji.
At the expo, the public will be able to seek advice on retirement planning, find out how to start a business, obtain information on the various government grant schemes available and on financial products such as insurance, investments and loans that could help supplement FNPF savings.
The week-long event will also feature radio adverts, newspaper articles, a facebook and twitter page supported through the kind sponsorship of the Working Group’s media partners: the Fiji Times, Fiji Broadcasting Corporation and the Greenhouse Studio.
We encourage the public to visit the Expo to get information on retirement planning.
About THE FINANCIAL LITERACY WORKING (FLWG) The FLWG is one of the 4 Working Groups that report to the National Financial Inclusion Taskforce that is mandated to (1) improving financial competencies through education in the school curriculum; (2)building financial competencies through collaboration and coordination to increase public and private sector support and (3) enhancing financial education and awareness and consumer empowerment. The FLWG is made up of representatives from WBC, (chair), ANZ, BSP Life and BSP Bank, BRED Bank of Fiji, BOB, HFC, Consumer Council of Fiji, Ministry of Education, FNPF, Ministry of iTaukei Affairs, iTLTB, Ministry of Youth and RBF.
For more information or media inquiries please contact: Risiate Biudole – RisiateB@fnpf.com.fj Phone: 9998 764