reserve bank of fiji ladies and gentlemen, various country studies have shown that when people are financially literate and have access to appropriate financial services there is greater potential for socio and economic development and opportunities for people to work their way out of poverty. as i have mentioned throughout this speech, much has already been done by the stakeholders here today in our drive towards full financial inclusion. we can perhaps give ourselves a little pat on the back. however, the momentum must continue. and this is why we are all here! we each still have a part to play. the reserve bank pledges its ongoing support to continue the role we have taken on. a role which we felt so strongly about that it required us to create a new department in order to facilitate the need that was evolving. in addition to what we have been doing, the bank is also currently reviewing and developing an appropriate consumer protection framework mechanism to provide minimal standards both for consumer empowerment and market conduct. to this end we are working with other central banks in peer learning and sharing of lessons learnt and best practices. we will continue to budget for and facilitate and promote financial literacy during the financial inclusion and microfinance expositions that we organise around the country. we encourage our fellow stakeholders to advocate this important issue and are monitoring and collating data to see where this can be effectively used. conclusion ladies and gentlemen, the theme for the workshop is an apt one : “ financial literacy and competency for all ”, clearly with the emphasis on the all. the focus of this workshop is to develop and ensure that there is a policy in place at national level to support and empower both consumers and stakeholders. it is about empowering and making available necessary information, knowhow and tools, for all citizens to be able to make informed financial decisions. this is particularly so for vulnerable groups, such as the bis central bankers ’ speeches poor and underserved. this has to be a national agenda. every fijian must take ownership of this. our decisions today impact the later generation and it is essential that this is taken seriously. learning never stops. knowledge is accumulated over time with each passing day. what we deliberate and strategize over the next one and a half days will impact the lives of each and every individual in fiji. take a moment to realize this fact that the decisions made today will make a change. let us make it happen! with these words, i declare this workshop open and wish you all the very best in your deliberations

the first quarter of 2011, the reserve bank was approached to take the lead role as project manager and coordinate a survey that would provide a reliable set of data to assess the current levels of financial literacy of low income households as well their attitudes towards money. the actual survey was undertaken in the last two weeks of november 2011 and some key initial results were released in the first quarter of this year. a draft report entitled “ the financial competence of low income households in fiji ” was presented to the national financial inclusion taskforce last month. i understand that an embargoed copy has been circulated and is now available to all the participants present here today. the report makes interesting reading and i am sure that participants may have further questions. i am especially interested in the recommendations on critical issues that are pertinent to our financial system : such as lack of understanding among the low income households about financial products and services, particularly the cost of money ; what are some of the innovative ways of disseminating financial literacy training and information ; what kind of information do financial service providers need to design appropriate financial bis central bankers ’ speeches products ; how can the private sector facilitate financial literacy training ; and, what are solutions that can provide for the risk of poverty in old age. we are fortunate to have here with us today, dr. jonathan sibley, the consultant, who designed the framework and assessed the financial competency data. dr sibley will discuss his report and would be able to respond to questions relating to the findings. the importance of financial literacy ladies and gentlemen, the value of financial literacy and its policy implications is well documented and we are again very fortunate to have two senior representatives from the ministry of finance and the ministry for strategic planning, national development and statistics, to share insights from the government ’ s perspective. the challenge for the reserve bank, and indeed all of us here today, is to ask ourselves what we can all do collectively to create an inclusive environment. an environment which empowers consumers and those from low income households to have access to affordable and appropriate financial services and products : and, in having such access, being further able to make informed financial decisions and choices. what else can be done to encourage all individuals to prepare a budget, and support them to save and invest wisely? for every household that does this there is an opportunity to improve living standards and bring about a more prosperous community and nation. financial literacy is the key driver in achieving financial competency. importance of financial literacy to