The Fiji Development Bank (FDB) and the Ministry of Education(MoE) signed a Memorandum of Understanding for the continuation of the Money Smart™ programme for third formers as well as the inclusion of a new programme, Invest Smart, for fourth formers in 2011.

The signing took place at the FDB Board Room in Suva at 10am today (9/12).

Money $mart™ is a financial literacy programme developed by FDB and the MoE in 2007 and taught under the Commercial Studies syllabus to third form students.

Implemented in 2007 into 162 secondary schools in Fiji and one in Tuvalu, the key objectives of Money Smart™ are geared to helping young people learn about the value of money from planning to budgeting, differentiating their needs from their wants and saving for key events in their lives. The students also get to save money as part of their assessment.

Money Smart was a compulsory internal assessment task subject and used to account for 30% towards the student’s Fiji Junior marks for the Commercial Studies subject.

Earlier this year, the MoE made the decision that the Fiji Junior Certificate Examination be phased out at the end of this year (2010) and in its place the internal assessment task will continue at the Form 4 level.

“The Ministry and the Bank recognized an opportunity here to expand Money Smart™ into Form 4 and I am pleased that to help make that transition for students, the Ministry with FDB’s support will now introduce Invest Smart,” says FDB’s chief executive officer, Deve Toganivalu.

At the end of the Invest Smart programme students should be able to:
·        recognize the importance of enterprising skills learnt at Form 3 Money Smart programto generate income to finance investment;

 ·        investigate investment opportunities available in local financial

institutions;

 ·        select and use the relevant informaotin gathered to make

informed investment decision; and

 ·        develop a positive attitude towards maintaining an investment plan.

The savings started as part of Money Smart™ in Form 3 will also continue into Form 4 with Invest Smart.

Since 2007, the Bank has spent close to $170,000 on resources which include student work and resource books, teacher workshops, money boxes for Money Smart™. For 2011, the Bank will invest a further $61,900 for Money Smart™ and Invest Smart.

“Financial literacy is the cornerstone to helping our young people become not only enterprising adults but also responsible adults when it comes to managing their personal and/or business finances,” Mr. Toganivalu said.