The University of the South Pacific (USP) recently held two community-based financial literacy trainings on September 26 and 27 in Mavana Village, Lau, as part of the Pacific-European Union Marine Partnership (PEUMP) Programme, which is financed by the European Union and the Government of Sweden.
The sessions, titled Money-Minded Financial Literacy and Money-Minded Business Basics, aimed to equip participants with essential skills for effectively managing income derived from marine resources and fostering financial stability going forward.
In collaboration with Australia and New Zealand Banking Group Limited (ANZ), this initiative is included in the wider Money-Minded Financial Literacy Program, implemented throughout the Pacific ACP region.
“Money-minded is a foundational literacy program that teaches individuals how to make informed financial decisions,” stated Dr. Jokim Kitolelei during the training. “The agreement between the USP Pacific-European Union Marine Partnership Programme and ANZ seeks to roll out a community-focused financial literacy program that enhances the livelihoods and sustainability of coastal communities within the Pacific-ACP region.”
The trainings were conducted in the iTaukei language, ensuring accessibility and comprehension for community participants.
Also present was Sailosi Dili from the Fiji Ministry of Fisheries based in Vanuabalavu, who expressed his gratitude for the training. “I truly appreciate that this training was conducted here in Vanuabalavu. It is highly relevant to the requirements of our fishing communities, and we anticipate more training sessions in the future,” he noted.
Key outcomes of the training encompassed identifying needs versus wants, budgeting, managing income between harvests, and planning for future financial stability.
Emele Balekawa from Uruole Village, a member of the Lomaloma Women’s Group, reflected on the training’s highlights: “This training was immensely beneficial in teaching us how to initiate a business and shift our mindset. Launching a business in a rural area poses challenges. Although we possess the ambition to start, we often lack the knowledge, as business skills were not imparted to us during our upbringing. I’ve learned to be more assertive with my finances, particularly in knowing when and how to decline debt and overspending. It’s crucial to prioritize our family’s needs over community and religious obligations.”
Tupou Fotofili, Secretary for Sawana Youth and staff member of Fotofili Enterprise in Sawana Village, also expressed her appreciation for being part of the two-day program. “The trainings were extremely pertinent and advantageous for communities like mine,” she remarked. “While I currently assist my uncle with his business, these sessions have motivated me to pursue my own venture using our natural resources.”
The Money-Minded Financial Literacy Program is being implemented across Vanuatu, Fiji, Timor-Leste, and Solomon Islands, in cooperation with their respective ANZ country offices.
USP serves as one of four main implementing partners of the EUR 45 million PEUMP Programme, which aims to advance sustainable management and effective ocean governance for food security and economic growth, while addressing climate change resilience and the conservation of marine biodiversity. The program adopts a holistic approach by integrating various issues related to ocean fisheries, coastal fisheries, community development, marine conservation, and capacity building into a singular regional initiative.
The PEUMP Programme is funded by the European Union and the Government of Sweden and is housed within the Institute of Marine Resources at the School of Agriculture, Geography, Environment, Ocean, and Natural Sciences (SAGEONS) of USP.