The Fiji National Provident Fund (FNPF) has reported a significant increase in the number of members with balances exceeding $500,000 in its 2024 annual report. The count rose to 426 members from 366 in the previous year, indicating a growing trend among Fijians towards building substantial retirement savings. Notably, this year marked the first instance of a Fijian aged between 25 and 34 achieving a balance above this milestone.
Additionally, the report highlights a positive trend in financial stability among members, with a reduction of 286 individuals holding zero balance accounts since last year. In terms of payouts, the FNPF distributed $474.2 million to its members in 2024, slightly down from $476.3 million in 2023. Of this total, $194.9 million was allocated for retirement benefits, while $73.4 million was provided for migration purposes.
When examining the financial brackets among members, about 203,692 Fijians have balances of up to $5,000, with 70,126 of them aged between 25-34 years. Additionally, 114,848 members have savings between $5,000-$20,000, including 47,968 individuals in the 25–34 age group. Furthermore, there are 1,120 individuals with balances ranging from $250,000 to $500,000, and 9,426 members who possess between $100,000 and $250,000.
The FNPF also reported an increase in early retirement payouts, totaling $66.3 million in 2024, a rise from $49.4 million the previous year. This suggests that more members are opting for early retirement as they feel secure in their financial futures.
Overall, the FNPF’s report paints a promising picture for the financial well-being of Fijians, with more individuals achieving substantial savings and a decline in those struggling with zero balances. This growth reflects an overarching trend of enhanced financial literacy and saving habits among the population, paving the way for a more secure future for many in Fiji.