Essays on saving accrue cash

Staff Reporter

As well as learning the importance of savings, a number of young Fijians earned cash prizes at a nation-wide essay competition, the results of which were announced at a ceremony held in Suva on March 20 as a part of the ‘Global Money Week.’

About 118 countries marked ‘Global Money Week’ from March 9 to 17, 2015.

The Competition, conducted by the Reserve Bank of Fiji in partnership with the Capital Markets Development Taskforce comprising industry players, Finance Ministry and other stakeholders attracted 224 essays over the 2014 holiday season.

Good response

Entries to the Competition closed on February 27, 2015, with the Western Division accounting for the largest share of participants (165), followed by Central Division (50) Northern Division (8) and Eastern Division (1).

Students were required to outline their goals and describe how to be ‘Money Wi$e.’

The panel of judges chose Sakshi Prayatna of Lautoka Andhra Sangam College as the winner of the top prizes, which included F$100 cash and units valued at F$600 in two Managed Funds (Fijian Holdings Unit Trust and Unit Trust of Fiji).

Divneeta Divya Devi of Tavua College and Upansa Shayan Chand of Ahmadiyya Muslim College were placed second and third in the Competition.

They said, “We learnt a lot about the capital markets in Fiji and are thrilled to have received some long term investments that will help us towards our future goals.”

Saving habit

Reserve Bank Governor Barry Whiteside said that the Competition revealed the saving habit among the student population in the country.

“It was also great to note that students are now able to identify with the capital markets. We would like to see this improve and thank the Education Ministry for teaching children the basic money management skills, including saving and investing,” he said at the Prize distribution ceremony.

According to Mr Whiteside, ‘Be Money Wi$e’ is a part of the Capital Markets Awareness platform, targeting school students.

Money Management

“Its objective is to promote the importance of acquiring good money management skills with a focus on understanding the concept of investing and investment products available in Fiji. The Programme has been designed to teach our children ‘money smart’ principles by using creative fun-filled activities which we envision that, in time, will lead to the development of a culture of financial prudence in our children, preparing them well for their adult working life,” he said.

Global event

Child and Youth Finance International coordinates with several international agencies in observing the ‘Global Money Week,’ to celebrate and empower children and youth to be confident, responsible and skilled at managing money.

The annual event promotes financial inclusion and reshapes the financial landscape, helping children to make wise financial decisions from an early stage.

 

(See reverse)

The picture here (sent by Reserve Bank of Fiji) shows (from left) Vuli the Vonu, Sarjit Singh from VB Holdings, Jerry Volavola (Fijian Holdings Unit Trust), Divneeta Divya Devi (Tavua College), Reserve Bank of Fiji Governor Barry Whiteside, Sakshi Prayatna (Lautoka Andhra Sangam College), Upasna Shayan Chand (Ahmadiyya Muslim College), Sakiusa Bolaira (Unit Trust of Fiji) and Pretesh Prasad (South Pacific Stock Exchange).

 

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