In 2024, the number of Fijians holding a balance of over $500,000 in their Fiji National Provident Fund (FNPF) accounts has increased significantly compared to the previous year. The FNPF’s annual report indicates that there are now 426 members with such substantial balances, up from 366 in 2023. Notably, a member aged between 25 and 34 years has crossed the $500,000 threshold for the first time.
Additionally, the report highlights a positive trend as the number of individuals with zero balance has decreased by 286 from last year. In terms of payouts, the FNPF dispensed a total of $474.2 million to its members in 2024, slightly down from $476.3 million in 2023. This amount includes $194.9 million allocated for retirement and $73.4 million for migration purposes.
A closer look at the account balances reveals that approximately 203,692 Fijians have less than $5,000 in their accounts, with 70,126 of them falling within the 25-34 age group. Furthermore, 114,848 members have balances ranging between $5,000 and $20,000, and among these, 47,968 are also within the younger adult demographic. In the higher balance brackets, there are 1,120 members with balances between $250,000 and $500,000, while 9,426 members hold between $100,000 and $250,000.
The Fund has also experienced a notable increase in early retirement payouts, totaling $66.3 million in 2024, compared to $49.4 million in the previous year.
Overall, these figures highlight a growing trend in financial stability among Fijians, particularly among younger individuals, and suggest a positive outlook for the future of personal savings in the country.
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