Survey on household financial capability

 THE Bank of Papua New Guinea (BPNG) and the World Bank launched the national survey on financial capability in Port Moresby yesterday. 

The survey would help develop a national baseline across income groups on financial capability. 

Its result was expected to provide a comprehensive understanding of financial capability of the population, including decision-making on money management, financial planning habits and use of informal and formal financial services.  

BPNG Governor Loi Bakani said: “The national financial capability study is unique as it would provide an important information on the management of money and the use of financial services by households at national level, rural and urban, lower income and higher income, highlands and coastal. 

“We would also be able to measure our progress in achieving financial inclusion targets and compare ourselves with other countries.

“The World Bank has the pleasure of supporting this important initiative of the Bank of Papua New Guinea 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,” World Bank PNG country manager Laura Bailey said.

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