More people have improved in the way they are managing their money.
In fact, according to the results of a programme, which monitors money-related habits, a staggering 97 per cent of participants in Samoa are now able to save and pay their bills on time.
But that’s not all. All respondents now believe their personal financial management affects their future and have established financial goals.
Some 70 per cent of them are more likely to have money left over by the next pay day
What’s more, 93 per cent now have a good understanding of the different financial services available to them, with 63 per cent changing bank accounts to suit their needs.
The findings are revealed in the Money Minded Impact Report 2016.
MoneyMinded is a flagship financial literacy programme conducted by A.N.Z. Bank, involving more than 500 participants since it was launched in Samoa in 2010.
The programme helps adults to build their money management skills, knowledge and confidence.
The impact report was officially launched yesterday at the Taumeasina Island Resort.
“A.N.Z. is committed to building financial inclusion and capability in Samoa, where we firmly believe that concentrating our efforts in this area will contribute to the economic development and wellbeing of communities,” said A.N.Z. Samoa Country Head, Bernie Poort.
“We’re excited to share with you the results of our first MoneyMinded Impact Report for Samoa, and we will continue to invest in the programme as we believe it can make a significant difference to the lives of Samoans.
“We want to deliver MoneyMinded to more people across Samoa so that the program’s benefits can be shared far and wide, and this is our firm commitment today.”
The Governor of the Central Bank Samoa, Maiava Atalina Ainuu-Enari, who is also the Chairperson of the National Financial Inclusion Taskforce, hailed the initiative shown by the ANZ Bank to advance financial literacy in Samoa.
“These findings tell me two things. Firstly, there’s been knowledge imparted to the programme participants but the real success is that there has been action. Secondly, it’s not too late for us adults to change our mindset and behaviour towards money.”
Maiava noted that many programmes with good intentions are rolled out in communities but sadly are not followed through in terms of measuring the impact.
“So I would l like to commend the Moneyminded programme on this impact report,” she said.
“This impact assessment cannot be stressed enough to ensure programmes are relevant or delivering expected outcomes, regardless of whether it’s a government-sponsored programme or private entity initiative.”
She also reminded that e successful financial literacy programme has to factor in that “us Samoans have our fa’alavelave.”
“Economic development can be fostered by how best we manage our economic resources, so as the Governor of the Central Bank, Chairperson for the National Financial Inclusion Taskforce, its very pleasing to hear ANZ desire to play a leading role in financial literacy to Samoa. Moneyminded will certainly expand our reach to realize the aim for responsible economic citizens under the Financial Inclusion agenda.”
The MoneyMinded in Samoa Impact Report 2016 highlights results from a survey conducted by the University of the South Pacific on participants who took part in the program from 2011-2014.
A.N.Z. has been in Samoa since 1990 and has the largest geographic reach of any bank in the Pacific with a presence in 12 Pacific countries, including Papua New Guinea, Solomon Islands, Vanuatu, Fiji, Tonga, Samoa, American Samoa, Guam, Kiribati, Timor-Leste, Cook Islands and a representative office in New Caledonia.