2000 learn to save more

National

More than 2000 people in Manus were equipped with financial literacy skills needed to save money, run small businesses and promote local economic activity.
The financial literacy training was conducted by Bank of Papua New Guinea’s microfinance expansion project and supported by the Australian government through the Manus Support Community Development programme.
The central bank estimates that 70 to 75 per cent of Papua New Guineans are excluded from accessing the formal financial sector, which leads to people being unable to budget and save money.
The training programme was designed to promote a culture of saving in Manus and encouraged participants in the informal sector to establish small businesses.
The training also focused on ensuring women were able to earn money and access funds when they needed them.
Cathy Morgan, a village bank treasurer from Pelipowai village in the Pobuma LLG in Manus, who attended the training, said people in her village typically did not save much money and spent most of their income.
“My husband and I have been operating a trade store, a boat service, and I used to sell fish and sago in town,” Morgan said.
“We now budget how we spend our money and try to save half of the revenue that we generate from our small business activities to sustain our livelihood.”
The financial literacy training was rolled out to six of the 12 LLGs in Manus through a partnership with the administration, BPNG, Australian government and Asian Development Bank.