Study on household money handling

Business, Normal

The National, Wednesday February 12th, 2014

 A FINANCIAL study will be carried out by Bank of PNG to better understand the financial behaviour of low income households across the country.

BPNG, together with World Bank, launched the national financial capability study (survey) in Port Moresby recently.

The survey result was expected to provide a comprehensive understanding of financial capability of PNG population, including decision-making on money handling, financial planning habits and use of informal and formal financial services.

The survey would also provide important information on handling of money and use of financial services by households at national level — rural and urban, lower and higher income group and highlands and coastal.

 “We will also be able to measure our progress in achieving our financial inclusion targets and compare ourselves against other countries,” BPNG Governor Loi Bakani said.

The survey results would provide useful information to support government in developing targeted financial inclusion, financial education and consumer protection programmes for the population to support inclusive growth in the country”, Bakani said.

“The World Bank has the pleasure of supporting this important initiative of the Bank of PNG on establishing a baseline to understand better the financial capability of PNG households. 

“We are grateful to the financial support provided by the South Korean government to the project,” Laura Bailey, country manager of World Bank in PNG, said.

The project was an integral part of financial inclusion programme initiated by BPNG, which includes both demand and supply side analysis for financial services in PNG. 

The study is being implemented by Institute of National Affairs and National Statistics Office with technical support from World Bank and oversight provided by BPNG.

Funding for the project was secured from World Bank-South Korean Trust Fund.

The survey will commence next Monday and will be carried out in provinces, including Central, National Capital District, Western Highlands, Jiwaka, Eastern Highlands, Morobe, Madang and East New Britain.